In a sharp decline, India's exports contracted last month by over 15% to USD 21.54 billion, while imports also fell by as much leaving a lower trade deficit of USD 6.84 billion.
With imports slowing down, mainly on account of lower crude oil prices, the trade deficit declined to USD 6.84 billion. The deficit, which reflects higher imports than exports, was USD 8.32 billion in January.
The merchandise exports were USD 25.35 billion in February 2014, according to the Commerce Ministry data released today.
Cumulative value of exports during April-February 2014-15 was USD 286.58 billion, as against USD 284.07 billion, up 0.88%, over the same period last year.
Imports during February were valued at USD 28.39 billion, while it was USD 33.66 billion in the year-ago month, down 15.65%.
"The trade deficit for April-February, 2014-15 was estimated at USD 125.22 billion which was higher than the deficit of USD 124.84 billion during April-February, 2013-14," the ministry said.
Oil imports during February were valued at USD 6.101 billion, 55.49% lower than USD 13.706 billion in the year-ago period. Oil imports during April-February, 2014-15 totalled USD 130.84 billion, down 12.24% year-on-year.
The Commerce Ministry data further said that services exports (receipts) during January, were valued at USD 14.250 billion and imports (payments) totalled USD 7.78 billion, leaving a trade surplus (net exports) of USD 6.46 billion in January.