Delhi, India: The gloomy global environment and a decline in commodity prices contributed to India's goods exports and imports shrinking by over 8% each in February, helping to reduce the trade deficit. The government is hopeful that this fiscal year will end with record exports, possibly in the range of $435-440 billion, surpassing last year's level of $422 billion, despite the recent decline in numbers.
According to the commerce department's most recent estimates, goods exports decreased by 8 percent in February. 9% to $33. 9 billion, the sharpest decrease since October, and imports were 8 billion. $51, down 2%. three billion Taking into account the data revision, imports decreased for the third month in a row while exports contracted in three of the previous five months.
However, the government is optimistic because services exports increased by almost 37% to $36. 9 billion, while imports increased by 12% to $14 in February. six billion. Despite global challenges, we have maintained momentum. The momentum has remained with exporters. The export of services is doing extremely well. Our exports of goods and services will surpass the $750 billion goal, our commerce secretary Sunil Barthwal told reporters.
On the goods side, exports of goods increased by 7. 5% to $406 billion in April-February 2022-23, with an estimated 18 percent increase in imports. 8% to $653. 5 billion, leading to a $247 trade deficit. five billion Although they decreased by around 29% in February as a result of oil prices falling, shipments of gasoline and diesel were estimated to have increased by almost 50% to over $86 billion, leading the increase in exports. However, engineering goods, India's top export, have had a difficult year, falling nearly 4% in the 11 months ending in February and nearly 10% in February.
Electronic goods topped the list of the top 30 exports in February with a 30% rise to $1, beating the trend. nine billion Electronics exports were estimated to have increased by 50% to $20 between April and February. seven billion Smartphone exports, whose value is estimated to be Rs 67,333 crore (approximately $8 billion) between April and January, account for a portion of the increase.
On the import front, the decrease in February as well as during the year up until this point has been driven by gold, with pharma and natural products and vegetables being different benefactors. According to estimates, gold shipments in February decreased by 45 percent to $2. 6 billion and were practically 30% lower at $31. 7 billion from April through February.