India’s trade deficit rises 88% in FY22

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.The total export in the last fiscal year touched a record margin of USD 417.81 billion, the imports for the same period imports too soared to touch USD 610.22 billion, thus, leaving USD 192.41 billion trade gap.

Increase in merchandise import

• The merchandise import of the country in the period April 2021 to March 2022 was USD 610.22 billion, which is a 54.71 percent increase from the time period of April 2020 to March 2021 which was recorded at USD 394.44 billion.
• It is also a 28.55 percent increase from April 2019 to March 2020’s USD 474.71 billion.

Trade deficit

• In March 2022, the country’s trade deficit was USD 18.69 billion, while during the entire period of 2021-22 it was USD 192.41 billion.

India’s monthly merchandise export

• The monthly merchandise exports of India for the first time exceeded USD 40 billion and reached USD 40.38 billion in March 2022.
• This is a 14.53 percent increase from March 2021’s USD 35.26 billion. Compared to March 2020’s USD 21.49 billion, the export in March 2022 was 87.89 percent up.

India’s merchandise import

• In March 2022, the merchandise import of India stood at USD 59.07 billion, a 20.79 percent from March 2021’s USD 48.90 billion. Compared to March 2020, it increased by 87.68 percent from USD 31.47 billion.

Non-petroleum exports

• In March 2022, non-petroleum exports were recorded at USD 33 billion, which is a 4.28 percent growth over March 2021’s USD 31.65 billion.
• Compared to March 2020, the exports saw an increase of 74 percent from USD 18.97 billion.

Non-petroleum imports

• In March 2022, the non-petroleum imports were recorded as USD 40.66 billion a 5.26 percent increase from USD 38.63 billion recorded in March 2021.