According to data issued by the commerce ministry on Monday, India's exports increased by 25.1 percent to USD 34.57 billion in February, owing to strong development in sectors such as engineering, petroleum, and chemicals, despite the trade deficit widening to USD 20.88 billion.

Imports increased by 36 percent to USD 55.45 billion in the month, with inbound shipments of petroleum and crude oil increasing by 69 percent to USD 15.28 billion.

In February 2021, the trade imbalance (the difference between imports and exports) was USD 13.12 billion. "Merchandise exports were USD 374.81 billion in April-February 2021-22, up from USD 256.55 billion in April-February 2020-21, a positive growth of 46.09 percent," according to the government. Imports increased by 59.33 percent to USD 550.56 billion over the 11-month period. During this time, the trade imbalance increased to USD 175.75 billion, up from USD 88.99 billion in April-February 2020-21.

According to the figures, gold imports fell 9.65 percent to USD 4.8 billion in February. Electronic products imports increased by 29.53 percent to USD 6.27 billion. Engineering goods, petroleum, and chemicals exports grew by 32 percent, 88.14 percent, and 25.38 percent in February, respectively, to USD 9.32 billion, USD 4.64 billion, and USD 2.4 billion.

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'India's GDP could rise at 7.8pc in FY23, with downside risks.'