India's Trade Deficit Rises 88% In FY22

India's trade deficit rose 87.5% to $192.41 billion in 2021-22 as against $102.63 billion in the previous year, the government data showed on Monday.

While total exports during last fiscal year increased to a record high of $417.81 billion, imports too soared to $610.22 billion, leaving a trade gap of $192.41 billion.

"India's merchandise import in April 2021-March 2022 was $610.22 billion, an increase of 54.71% over $394.44 billion in April 2020-March 2021 and an increase of 28.55% over $474.71 billion in April 2019-March 2020," said a release by Ministry of Commerce and Industry.

The trade deficit in March 2022 was $18.69 billion, while it was $192.41 billion during entire 2021-22.

For the first time, India's monthly merchandise exports exceeded $40 billion, reaching $40.38 billion in March 2022, an increase of 14.53% over $35.26 billion in the year-ago month, the release said.

It was up by 87.89% over $21.49 billion in March 2020.

The ministry said the country's merchandise import last month stood at $59.07 billion, an increase of 20.79% over $48.90 billion in the year-ago period. It was up 87.68% over $31.47 billion in March 2020.

During March 2022, the value of non-petroleum exports stood at $33 billion, registering a growth of 4.28% over $31.65 billion in the same month a year ago.

Non-petroleum exports grew by 74% from $18.97 billion in March 2020.

Non-petroleum import stood at $40.66 billion during March 2022, showing a rise of 5.26% over $38.63 billion in the year-ago month. It was up by 89.79% from $21.42 billion in March 2020, showed the data from the ministry.