Updated March 15th, 2024 at 17:23 IST

Exports soar to $41.4 bn in Feb, trade deficit widens to $18.7 bn

Similarly, imports surged to $60.1 billion, reflecting a noteworthy 12.16 per cent uptick from February 2023, indicating sustained domestic demand and economy.

Reported by: Business Desk
Rupee payment agreement doubles value of India's engineering exports to Russia | Image:Unsplash
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Exports soars: India's export sector reported robust growth in February 2024, reaching at $41.4 billion, witnessing growth of 12 per cent, the highest in this fiscal year. The robust exports highlight the country's trade despite grappling with global uncertainties., the government data showed on Friday.

Similarly, imports surged to $60.1 billion, reflecting a noteworthy 12.16 per cent uptick from February 2023, indicating sustained domestic demand and economic activity. However, this surge in imports led to a trade deficit of $18.7 billion, stressing the delicate balance between meeting domestic demand and managing external trade dynamics.

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This surge in exports, the highest in 11 months of the current financial year, not only reflects India's evolving trade dynamics but also highlights its position as a formidable player in the global market landscape. As the fiscal year progresses, all eyes remain on India's export performance, poised to potentially redefine records and chart a course for sustained economic prosperity.

Commerce Secretary Sunil Barthwal said growth in exports during February was the highest in 11 months of the current financial year. He also exuded confidence that overall exports during fiscal 2023-24 would be higher than last year's record exports.

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With PTI Inputs

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Published March 15th, 2024 at 17:18 IST