India's Exports Record High in Feb 2024

• 16 Mar 2024

India's exports in February 2024 hit a record high of $41.4 billion, marking an 11.9% growth compared to the same period last year.

• The trade deficit for February stood at $18.7 billion, up from $16.57 billion a year ago, primarily due to a surge in gold imports.
• Merchandise imports increased by 12.16% to $60.11 billion in February 2024 compared to February 2023.
• Gold imports rose significantly by 133.82% to $6.15 billion in February, contributing to the trade deficit.
• Despite challenges such as the Russia-Ukraine war and economic recessions in some countries, India's February exports exceeded expectations.
• Engineering goods, electronics, chemicals, pharmaceuticals, and petroleum products were the main drivers of export growth.
• Overall exports (merchandise and services combined) for April-February 2023-24 are estimated at $709.81 billion, with a 0.83% growth compared to the previous fiscal year.
• India's overall exports in February 2024 reached $73.55 billion, growing by 14.2% compared to February 2023, while imports amounted to $75.50 billion, marking a 10.13% increase.