The Ministry of Commerce and Industry has informed that India’s trade deficit has risen 87.5 per cent to USD 192.41 billion in 2021-22 as against USD 102.63 billion in the previous year. Trade deficit in March 2022 was USD 18.69 billion, while it was USD 192.41 billion during entire 2021-22.
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 ” said a release by the ministry.
Further, 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.
Regarding merchandise import, 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.
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