The country’s exports rose 19.76% to $42.22 billion in March 2022, on the back of a healthy performance from sectors like petroleum products, machinery and leather, although the trade deficit widened to 18.51 during the month billion US dollars.
In March 2021, exports totaled $35.26 billion, according to Commerce Department data released on Wednesday.
Last month, imports rose 24.21% to $60.74 billion, it showed.
The trade deficit was $13.64 billion in March 2021.
While total exports rose to a record high of $419.65 billion in 2021-22, imports also rose to $611.89 billion, leaving a trade gap of $192.24 billion.
The trade deficit (difference between imports and exports) was US$102.63 billion in 2020-21.
For the first time, India’s monthly merchandise exports surpassed US$40 billion, reaching US$42 billion in March 2022.
According to the data, the estimated value of services export increased by 4.64% to US$21.76 billion in March 2022.
Services import rose 7.33% last month to $13.16 billion.
“The Estimated Value of Services Export for April-March 2021-22 is US$249.24 billion, showing a positive growth of 20.94% compared to April-March 2020-21 (US$206.09 billion)” said the ministry.
Imports in 2021-22 were estimated at US$144.79 billion, a 23.20% increase from 2020-21 when they were US$117.52 billion.
“Services trade balance for April-March 2021-22 was estimated at US$104.45 billion compared to US$88.57 billion in April-March 2020-21, an increase of 17.94%,” she added added.