Exports, imports decline in February

New Delhi, April 1 (IANS) India's merchandise exports dipped 21.7 percent in February to Rs.58,685 crore ($11.91 billion), as compared to Rs.60,476 crore ($15.22 billion) in the corresponding month last year, according to government data released Wednesday.

Exports figures have been contracting since last October, forcing the commerce ministry to revise the target for 2008-09 to $175 billion from $200 billion following fall in overseas demand.

February's imports also contracted 23.3 percent to $16.82 billion, as against $21.93 billion earned the same month last year, the government said.

Trade deficit this February stood at $4.91 billion, 26.83 percent lower than $6.71 billion in the corresponding month last year.

Oil imports during the month fell 47.5 percent to $4 billion, as compared to $7.71 billion in 2008 February, while non-oil imports, which includes capital goods as well as raw material contracted around 10 percent to $12.77 billion.

Between April and February in 2008-09, exports grew 7.3 percent to $156.6 billion. Imports expanded 19.1 percent in this period to $271.68 billion, as against $228.08 billion in the corresponding period the previous year.