India’s trade deficit rises 88% in FY22

Sakshi Education

According to government data released, India's trade imbalance increased by 87.5 percent to $192.41 billion in 2021-22, up from $102.63 billion the previous year. While total exports hit a new high of $417.81 billion last fiscal year, imports also hit a new high of $610.22 billion, resulting in a $192.41 billion trade deficit.
As per the ministry of commerce and industry, "India's merchandise imports in April 2021-March 2022 totalled $610.22 billion, up 71 percent from $394.44 billion in April 2020-March 2021 and 28.55 percent higher than $474.71 billion in April 2019-March 2020."
In March 2022, the trade deficit was $18.69 billion, compared to $192.41 billion for the entire fiscal year 2021-22.
India's monthly merchandise exports surpassed $40 billion for the first time in March 2022, reaching $40.38 billion, up 14.53 percent from $35.26 billion the previous month.
It increased by 87.89% from $21.49 billion in March 2020.
The country's merchandise imports this month totalled $59.07 billion, up 20.79 percent from $48.90 billion the previous month, according to the ministry. It increased by 87.68% from $31.47 billion in March 2020.
Non-petroleum exports totalled $33 billion in March 2022, up 4.28 percent from $31.65 billion in the same month a year before.
Exports of non-petroleum goods increased by 74% from $18.97 billion in March 2020.
Imports of non-petroleum goods totalled $40.66 billion in March 2022, up 5.26 percent from $38.63 billion the previous month. According to the ministry's figures, it was up 89.79 percent from $21.42 billion in March 2020.