India’s trade deficit in February narrowed to $9.59bn in February from $14.73bn in January amid sluggish growth in major foreign exchange earners such as gems and jewellery, engineering goods, and petrochemicals, the government data showed.
The trade deficit shrank to a 17-month low in February. The previous low for the trade gap was $9.4 billion in September 2017, the data showed on Friday. Exports rose 2.44% from a year ago to $26.7bn, imports contracted 5.4% yoy in the same period under review.
In February, import of oil, gold, and electronic items declined by 8%, 10.81%, and 6.5%, respectively. The major commodity groups of export showing positive growth in February were organic and inorganic chemicals (4.1%), drugs and pharmaceuticals (16.1%), and ready-made textiles (7.1%), the ministry said.
Meanwhile, in the April-February period, the trade deficit widened to $165.52 billion from $148.55 billion in the year-ago period.