India: Merchandise exports accelerate in February
Merchandise exports shot up 11.9% in annual terms in February (January: +3.1% year-on-year). February’s outturn marked the strongest expansion since June 2022. Meanwhile, merchandise imports shot up 12.2% over the same month last year in February (January: +3.0% yoy), marking the strongest reading since September 2022.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 18.7 billion deficit in February (January 2024: USD 17.5 billion deficit; February 2023: USD 16.6 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 249.5 billion deficit in February, compared to the USD 247.3 billion deficit in January.