India's exports up 20 to $42 billion in March; reaches $420 billion in FY22

New Delhi: The country’s exports in March 2022 rose 19.76 per cent to $42.22 billion on account of healthy performance by sectors such as petroleum products, engineering, and leather, even as trade deficit during the month widened to USD 18.51 billion. In March 2021, exports stood at $35.26 billion, according to a commerce ministry data released on Wednesday. Last month, imports grew 24.21 per cent to $60.74 billion, it showed. Trade deficit stood at $13.64 billion in March 2021. While total exports during 2021-22 increased to a record high of $419.65 billion, imports too soared to $611.89 billion, leaving a trade gap of $192.24 billion. The trade deficit (difference between imports and exports) stood at $102.63 billion in 2020-21. For the first time, India’s monthly merchandise exports exceeded $40 billion, reaching $42 billion in March 2022. According to the data, the estimated value of services export increased 4.64 per cent to $21.76 billion in March 2022. The services import last month rose 7.33 per cent to $13.16 billion. “The estimated value of services export for April-March 2021-22 is USD 249.24 billion, exhibiting a positive growth of 20.94 per cent vis-a-vis April-March 2020-21 (USD 206.09 billion),” the ministry said. Imports during 2021-22 was estimated at USD 144.79 billion, an increase of 23.20 per cent over 2020-21 when it was USD 117.52 billion. “The services trade balance for April-March 2021-22 was estimated at USD 104.45 billion as against USD 88.57 billion in April-March 2020-21, which is an increase of 17.94 per cent,” it added.