India's overseas trade is rebounding rapidly. According to a statement released by the Ministry of Commerce and Industry, both service and goods exports and imports are increasing.
According to Exim Import-Export Data, and estimates given by the Ministry of Commerce and Industry, India's exports of Merchandise and Services combined in February 2022 are expected to be USD 57.03 billion, up 25.41 percent from the same month last year and 27.07 percent higher than February 2020.
Along with exports, India's imports have increased, with overall imports in February 2022 anticipated to be USD 69.35 billion, up 35.64 percent from the same month the previous year.
Based on Indian Customs Export Data and recent forecast, the exports of services and merchandise together are expected to reach $601.77 billion in India, between the months of Apr-Feb 2021-22, up by 36.19% compared to the growth of last year. Overall imports are expected to reach USD 683.01 billion in April-February 2021-22, up 51.51 percent from the same period last year, according to the Ministry.
The export of merchandise has contributed significantly to the overall revival of exports. Exports of merchandise were USD 34.57 billion in February 2022, up from USD 27.63 billion in February 2021, a positive rise of 25.10 percent. Imports of merchandise totaled USD 55.45 billion for the same time period, up 36.07 percent from USD 40.75 billion in February 2021 as per India trade statistics.
However, because imports have also increased, the trade balance remains negative according to India Import Data Year Wise. In February 2022, the merchandise trade balance was negative. It was anticipated at USD 20.88 billion, down from USD 13.12 billion in February 2021, a 59.18 percent decrease.
Exports are increasing in all areas, including non-petroleum, non-gems, and non-jewelry commodities.
Non-petroleum and non-gems & jewelry exports were USD 26.75 billion in February 2022, an increase of 19.01 percent above non-petroleum. In February 2021, non-petroleum and non-gems & jewelry exports were USD 22.48 billion, up 25.72 percent from non-petroleum and non-gems & jewelry exports of USD 21.28 billion in February 2020.
Based on India Import Data Year Wise, non-gems & jewelry such as precious metals, silver, and gold, non-petroleum imports were USD 31.70 billion in February 2022, up 32.04 percent from USD 24.01 billion in February 2021 and up 42.72 percent from USD 22.21 billion in February 2020," according to the ministry's note.
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