Zee Media Bureau
New Delhi: Exports in February declined by 15.02 percent to USD 21.545 billion while imports were also down 15.65 percent to USD 28.39 billion leaving the trade deficit at a 17-month low of USD 6.8 billion.
The trade deficit narrowed to a 17-month low as oil imports declined by over 55 percent from a month earlier, government data showed on Friday.
According to the government data, imports in February fell an annual 15.66 percent on year-on-year to USD 28.39 billion while merchandise exports also declined 15.02 percent year-on-year to $21.55 billion.
In January, exports had dipped by 11.19 percent to USD 23.88 billion, the steepest decline in two and a half year.
However, the January trade deficit narrowed to USD 8.32 billion from USD 9.45 billion in the same month last year, which was the lowest level in the past eleven months.
In order to make doing business in India easier and as part of efforts to improve its ranking on 'Ease of Doing Business', the government on Thursday reduced the number of mandatory documents required for import and export of goods to three in each case.
The move will also lead to reduction in transaction cost and time. Currently, around 10 documents are needed to fulfil the official obligations.
The notification, issued by the Directorate General of Foreign Trade, will take effect from April 1.
