Contracting for the third month in a row, India's exports declined by 8.8 per cent to $33.88 billion in February due to slowdown in global demand, even as the trade deficit touched about a year low of $17.43 billion during the month, according to official data released on Wednesday.

Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year.

Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion. Imports during the period increased by 18.82 per cent to $653.47 billion.

The merchandise trade deficit for the April-February this fiscal stood at about $247.53 billion.

The country's exports had contracted by 6.58 per cent to $32.91 billion in December 2022. In February 2022, the trade deficit was $18.75 billion.

Last time, it was in January 2022 when the trade deficit touched $17.42 billion.

Commerce secretary Sunil Barthwal said that going by the trend, India's goods and services exports will cross $750 billion in 2022-23.

"We have kept the momentum despite the global headwinds. Exporters have kept the momentum. Services exports are doing extremely well. Trade deficit has really come down. Hopefully we will be doing better," Barthwal told reporters here.

He added that the ministry has started exercise to fix the target for the next fiscal also.

Export sectors that recorded negative growth during the 11-month period of this fiscal included engineering goods, gems and jewellery, cotton yarn/fabrics/made-ups, and plastic and linoleum.

Engineering exports dipped to $98.86 billion during April-February 2022-23 from $101.15 billion in the same period last fiscal. In the same period, gems and jewellery shipments declined to $35.21 billion from $35.32 billion during April-February 2022-23.

Sectors which recorded positive growth included petroleum products, chemicals, pharma, electronic goods, rice, ready-made garments of textiles.

Gold imports during April-February this fiscal contracted to $31.72, as against $45.12 billion in the same period last year.

In the 11 months of the current fiscal, crude oil imports rose to $193.47 billion as against $140.67 billion in the same period of 2021-22.

Similarly, imports of coal, coke and briquettes rose to $46.28 billion during April-February 2022-23 as against $27.12 billion in the year-ago period.

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