Exports rise 2.44%; trade deficit narrows

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  1. According to data released by the Ministry of Commerce,India’s trade deficit has reduced by $9.6 billion in February,2019.The country’s exports grew by 2.44% while imports declined by 5.4%.
  2. The exports grew because of higher shipments in sectors such as pharmaceuticals,engineering and electronics.On the other hand,decline in imports was mainly due to reduction in inward shipments of gold and petroleum products.
  3. A trade deficit is an economic measure of international trade in which a country’s imports exceed its exports.A trade deficit represents an outflow of domestic currency to foreign markets.