Imports Decline - Business Outrank

As per the commerce ministry, India’s trade deficit reduced to $14.05 billion in February as imports dropped to $50.96 billion. Nevertheless, this improvement was achieved at the expense of further decline in exports for the fourth consecutive month to $36.91 billion, which was partly due to the price volatility of petroleum products and generally to the existing global uncertainties. This is lower than the $41.41 billion posted in the same month last year. During the April-February period of the current fiscal year, the country’s combined merchandise and services exports rose by 6.24 per cent to $750.53 billion as against $706.43 billion in the year gone by. However, it has not been a good show in value terms for merchandise exports have declined between November and February this year. India’s merchandise exports in January were $36.43 billion, marginally lower than $37.32 billion in the corresponding month of the previous year. Decembers trend was similar, with exports of $38.01 billion compared to $38.39 billion in 2023. Like the previous two months, November’s exports also fell to $32.11 billion from $33.75 billion in the base year. This is because, weak global demand, and price fluctuations especially in key commodities have been cited as the main factors behind the decline in exports. However, the improvement in the trade deficit has been supported by the decline in imports, which has eased the pressure on the Indian foreign exchange reserves. It is possible that the decline in imports could be related to lower demand in the domestic market and lower commodity prices. It is argued by trade experts that while the deficit has been reduced, it is important to maintain export growth to keep the economy stable. The government is still looking for policy options that would stimulate trade and support export oriented industries in order to enhance the Indian position in the global trade.

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