Big jump in export sector, increased by 11.86 percent in February and crossed US $ 41.40 billion

New Delhi, March 15 (HS). There is good news on the economic front. The country's exports have increased by 11.86 percent to US $ 41.40 billion in February. This is the highest monthly figure of exports in the current financial year 2023-24. In February last year, exports were US $ 37.01 billion.

The Ministry of Commerce and Industry said in the data released on Friday that India's exports jumped by 11.86 percent to US $ 41.40 billion in February 2024. Exports in February 2023 stood at US $ 37.01 billion. This is the highest monthly figure of exports in the current financial year 2023-24. According to the ministry, in February there was good demand abroad mainly for engineering goods, electronic goods, medicines and petroleum products.

According to the ministry, the export of engineering goods also increased by 15.9 percent to US $ 9.94 billion in February 2024, which was US $ 8.58 billion in February 2023. At the same time, the export of electronic goods increased by 54.81 percent to US $ 3.00 billion in February, which was US $ 1.94 billion in February 2023. Exports of organic and inorganic chemicals increased by 33.04 percent to US $ 2.95 billion in February 2024 from US $ 2.22 billion in February 2023.

At the same time, the export of medicines and pharmaceutical products increased by 22.24 percent to US $ 2.51 billion in February 2024, which was US $ 2.06 billion in February 2023. Similarly, export of petroleum products increased by 5.08 percent to US $ 8.24 billion in February 2024, which was US $ 7.84 billion in February 2023.

According to statistics, the country's trade deficit in the month of February was 18.7 billion US dollars. Last month, imports worth US $ 60.1 billion were imported, which is 12.16 percent more as compared to US $ 53.58 billion in February 2023.

Commerce Secretary Sunil Barthwal said that the growth in exports during February is higher than any month of the current financial year 2023-24. He expressed confidence that the total exports in the current financial year 2023-24 will exceed the record exports of the previous financial year 2022-23.