India’s iron ore exports increased by $294.09mn or 167.7pc in February from the prior year in terms of value, according to official data. The rise in iron ore exports can be attributed to higher prices in the international market and increased demand from China.
India become a net importer with merchandise exports decreasing to $ 27.67bn in February, down by 0.25pc from the prior year, while imports rose by 6.98pc to $40.55bn leading to a trade deficit of $12.88bn, which is an increase of 26.7pc from February 2020.
Imports of iron and steel increased by 23.41pc, while non-ferrous metals imports rose by 12.39pc in February from a year ago.
In the April-February period, export were $255.92bn, down by 12.32, while imports fell by 23.09pc to $340.88bn.
Value of non-petroleum, non-gems and jewellery exports was $22.48bn in February, up by 5.65pc from a year ago. While non-oil and non-gold, silver and precious metals imports grew 7.4pc to $23.85bn.