In February, exports climbed by 11.9% to $41.4 billion

With an 11.9 percent rise to $41.4 billion in February, India’s monthly exports saw their greatest gain of the fiscal year, mostly from higher shipments of pharmaceutical, electrical, and engineering goods.

Due to a sharp increase in gold imports, the trade imbalance in February of this year was $18.7 billion, compared to $16.57 billion in the same month last year.

The value of merchandise imports was $60.11 billion, a 12.16% increase from $53.58% in February 2023. According to figures from the trade ministry, gold imports increased by 133.82% to $6.15 billion in February from $2.63 billion in the same time last year.

Commerce Secretary Sunil Barthwal said that exports in February exceeded all projections, in spite of a number of challenges, including the continuing conflict between Russia and Ukraine and economic downturns in certain nations.

Forex Kitty grows by $10.47 billion to $636 billion.

The RBI said on Friday that India’s foreign exchange reserves increased by $10.47 billion to $636.095 billion for the week ending March 8. The total reserves have increased to $625.626 billion from $6.55 billion the week before.