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India's Trade Deficit Went Up By 88% In FY22: Government Data
Writer: Snehadri Sarkar
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India, 5 April 2022 5:19 AM GMT
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In March 2022, the value of non-petroleum exports was USD 33 billion, recording an increase of 4.28 per cent more than USD 31.65 billion in the same month a year back.
India's trade deficit significantly went up by 87.5 per cent to USD 192.41 billion during 2021-22 as against USD 102.63 billion last year; government data confirmed on April 4.
Imports went up to USD 610.22 billion, with total exports increasing to a record high of USD 417.81 billion during the last fiscal year, leaving a trade gap of USD 192.41 billion.
"India's merchandise import in April 2021-March 2022 was $610.22 billion, an increase of 54.71 per cent over $394.44 billion in April 2020-March 2021 and an increase of 28.55 per cent over $474.71 billion in April 2019-March 2020," The Times Of India quoted ministry of commerce and industry.
In March 2022, the trade deficit was USD 18.69 billion, while during the entire 2021-22 was USD 192.41 billion.
A Trade Boom For India
In a first, India's monthly merchandise exports surpassed USD 40 billion, hitting USD 40.38 billion in March 2022, with inflation of 14.53 per cent over USD 35.26 billion in the year-ago month, the release added.
It recorded an increase of 87.89 per cent over USD 21.49 billion in March 2020.
The ministry further stated that the country's merchandise imports last month were reported at USD 59.07 billion, an upsurge of 20.79 per cent more than USD 48.90 billion in the year-ago period. It recorded 87.68 per cent more than USD 31.47 billion in March 2020.
Increase In India's Trade Deficit
In March 2022, the value of non-petroleum exports was USD 33 billion, recording an increase of 4.28 per cent more than USD 31.65 billion in the same month a year back.
Non-petroleum exports increased by 74 per cent from USD 18.97 billion in March 2020.
Non-petroleum imports also stood at USD 40.66 billion during March this year, recording inflation of 5.26 per cent over USD 38.63 billion in the year-ago month. It also witnessed an increase of 89.79 per cent from USD 21.42 billion in March 2020, revealed the official data from the ministry.
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