India External Debt (USD bn)

Merchandise exports fall at faster rate in February

Merchandise exports declined 8.8% on an annual basis in February (January: -6.6% year-on-year). Meanwhile, merchandise imports fell 8.2% over the same month last year in February (January: -3.6% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 17.4 billion deficit in February (January 2023: USD 17.8 billion deficit; February 2022: USD 18.7 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 282.5 billion deficit in February, compared to the USD 286.0 billion deficit in January.