While total exports during last fiscal year increased to a record high of USD 417.81 billion, imports too soared to USD 610.22 billion, leaving a trade gap of USD 192.41 billion.
India’s merchandise trade deficit grew to $21.19 billion in February, according to a data released by commerce ministry on Wednesday.
India’s merchandise trade deficit shrunk to a five-month low of $17.42 billion as export witnessed a 25.28% year-on-year growth to $34.50 billion in January 2022.
The country's merchandise exports grew by 25.28 per cent to $34.50 billion in January 2022 from $27.54 billion recorded in January 2021.
The merchandise imports surged 62.49 per cent to USD 55.37 billion from USD 34.07 billion in October 2020.
Some Chinese exporters say U.S. orders have declined, but Chinese leaders express confidence the economic impact will be modest.
As reported earlier, the US has imposed 25 per cent duties on about $34 billion worth of Chinese products including industrial machinery, medical devices and auto parts.
The US trade deficit with China increased by 13 percent in 2017, the first year of Trump's presidency, to 1.87 trillion yuan ($288 billion), according to official figures released.
The bilateral trade between India and China stood at USD 50.19 billion during the April-October period, as against USD 71.45 billion in the entire 2016-17
Trump, who has softened his past criticism of China, again lambasted past US administrations for allowing the $350 billion trade deficit to balloon over the years.
Recording positive growth for six months in a row, India's exports soared 17.48 per cent to USD 24.5 billion in February led by petroleum, engineering and chemicals.