February: Petro, engineering goods drive exports up 22%

Merchandise trade deficit rose 61.6 per cent to $21.2 billion in February, on the back of sharp increases in imports of crude oil, electronic goods and coal, data from Commerce and Industry Ministry showed on Wednesday.

Imports grew by 35 per cent to $55 billion last month, while exports rose 22.4 per cent to $33.8 billion, led by higher shipments of petroleum products, engineering goods and organic and inorganic chemicals.

Commerce Minister Piyush Goyal said last month India was on track to cross $400 billion of merchandise exports in FY22.