Healthy performance! Exports up 20 percent to USD 42 billion in March; reaches USD 420 billion in FY22

The country's exports in March 2022 rose 19.76 percent to USD 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 USD 35.26 billion, according to a commerce ministry data released on Wednesday.

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Last month, imports grew 24.21 percent to USD 60.74 billion, it showed.

Trade deficit stood at USD 13.64 billion in March 2021.

While total exports during 2021-22 increased to a record high of USD 419.65 billion, imports too soared to USD 611.89 billion, leaving a trade gap of USD 192.24 billion.

The trade deficit (difference between imports and exports) stood at USD 102.63 billion in 2020-21.

For the first time, India's monthly merchandise exports exceeded USD 40 billion, reaching USD 42 billion in March 2022.

According to the data, the estimated value of services export increased 4.64 per cent to USD 21.76 billion in March 2022.

The services import last month rose 7.33 percent to USD 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 percent 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 percent 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 percent," it added.