India’s Trade Deficit Raised

BANKING AND ECONOMY

  • During the financial year 2021-22, India's trade deficit rose by 87.5% to USD 192.41 billion.
  • In the year 2021-22, total exports increased to a record high of USD 417.81 billion, and imports soared to USD 610.22 billion, leaving a trade gap of USD 192.41 billion.
  • In March 2022, India's monthly merchandise exports reached USD 40.38 billion, exceeding USD 40 billion for the first time. The imports stood at USD 59.07 billion.
  • For the month of March 2022, the trade deficit was USD 18.69 billion.
  • The trade deficit is ‘when the imports done by a country exceed that of the exports done by a country in a fiscal year’.

 

Facts to know:

 

  • Union Minister of Finance: Ms. Nirmala Sitharaman.
  • Union Minister of Commerce & Industry: Mr. Piyush Goel - also Minister of Textiles & Minister of Consumer Affairs, Food and Public Distribution.
India Trade Deficit 2022
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