India’s trade deficit rose 87.5 per cent to USD 192.41 billion in 2021-22 as against USD 102.63 billion in the previous year, the government data showed on Monday.
While total exports during last fiscal year increased to a record high of USD 417.81 billion, imports too soared to USD 610.22 billion, leaving a trade gap of USD 192.41 billion.
“India’s merchandise import in April 2021-March 2022 was USD 610.22 billion, an increase of 54.71 per cent over USD 394.44 billion in April 2020-March 2021 and an increase of 28.55 per cent over USD 474.71 billion in April 2019-March 2020,” said a release by Ministry of Commerce and Industry.
The trade deficit in March 2022 was USD 18.69 billion, while it was USD 192.41 billion during entire 2021-22.
For the first time, India’s monthly merchandise exports exceeded USD 40 billion, reaching USD 40.38 billion in March 2022, an increase of 14.53 per cent over USD 35.26 billion in the year-ago month, the release said.
It was up by 87.89 per cent over USD 21.49 billion in March 2020.
The ministry said the country’s merchandise import last month stood at USD 59.07 billion, an increase of 20.79 per cent over USD 48.90 billion in the year-ago period. It was up 87.68 per cent over USD 31.47 billion in March 2020.
During March 2022, the value of non-petroleum exports stood at USD 33 billion, registering a growth of 4.28 per cent over USD 31.65 billion in the same month a year ago.
Non-petroleum exports grew by 74 per cent from USD 18.97 billion in March 2020.
Non-petroleum import stood at USD 40.66 billion during March 2022, showing a rise of 5.26 per cent over USD 38.63 billion in the year-ago month. It was up by 89.79 per cent from USD 21.42 billion in March 2020, showed the data from the ministry.