According to preliminary trade data for March released by the Ministry of Commerce on Monday, India’s goods imports in FY 2012 were $ 61.2 billion over the previous year, an increase of 54.7% over the previous year and compared to the pre-Covid levels of FY 2010. higher by 28.6%.
Imports in March 2022 increased 20.8% from a year earlier to $59.07 billion, and increased by 87.7% from March 2020 levels. Exports for the month stood at $40.38 billion, taking the deficit for the month to $18.7 billion.
With exports of around $418 billion in FY12, the trade deficit for the year stood at $192.4 billion, 87.5% from FY2011 levels and 19.3% above pre-pandemic levels.
Aditi Nair, Chief Economist, ICRA said, “The trade deficit for non-oil and non-gold/jewellery items in FY22 stood at $55 billion or 1.7% of GDP, which is almost a quarter of the total trade deficit. ” The current account deficit narrowed to less than $19 billion in the January-March 2022 quarter.