According to estimates from the Commerce Ministry, India's goods imports dropped 8.2% from a year earlier to USD 51.31 billion while exports dropped 8.8% to USD 33.88 billion in February.

Goods exports have decreased for the second time in three months, but February's decline was more severe than the 3% decline seen in December 2022.

The government initially predicted a 6.6% decline in exports to USD 32.91 billion in January, but that projection has now been revised upward to USD 35.76 billion, showing an increase of 1.5% from January 2022 levels.

Also, the amount of imports in January was revised up from USD 50.66 billion to USD 52.33 billion, which is 0.45% less than it was a year earlier. With USD 17.43 billion in February, the merchandise trade imbalance was greater than the USD 16.56 billion in January.

India's total goods exports for the first 11 months of 2022–23 are presently at USD 405.94 billion, up 7.55% over the same period in 2021–22. At the same time period, imports increased 18.82% to USD 653.47 billion from about USD 550 billion a year earlier.

As a result, at USD 247.53 billion, India's goods trade deficit for this year is currently 43.5% greater than it was during the first 11 months of 2021–22.

The Reserve Bank of India (RBI) is mandated to keep retail inflation within its tolerance band of 2 percent to 6 percent. Data released last month showed India's annual retail inflation in January rose above the central bank's upper threshold for the first time in three months to 6.52 percent from 5.72 percent in December.

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