Container shortages decelerate exports progress in February

Merchandise exports rose for the third straight month in February — albeit marginally — by 0.67 per cent year-on-year to $27.93 billion, whereas the commerce deficit widened to $12.62 billion, in keeping with official knowledge launched Monday.
In February 2020, commerce deficit was at $10.16 billion. Imports, too, rose final month, by 6.96 per cent to $40.54 billion, the information confirmed.
During the April-February for FY21, exports contracted by 12.23 per cent to $256.18 billion as towards $291.87 billion a the 12 months in the past. Imports declined 23.11 per cent throughout the identical interval to $340.8 billion.
Oil imports final month declined by 16.63 per cent to $8.99 billion, whereas its shipments throughout April-February have been down by 40.18 per cent to $72.08 billion.

Among the sectors that witnessed optimistic exports progress throughout February have been oilmeals, iron ore, rice (30.78 per cent), carpet (19.46 per cent), spices (18.61 per cent), prescribed drugs (14.74 per cent), tobacco (7.71 per cent), and chemical substances (1.2 per cent).
Commenting on the information, Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf stated the marginal progress in exports was primarily on account of container shortages throughout India, which restricted provide within the final week of the month on account of growing Covid-19 instances in sure states.
Wholesale inflation rises to 27-mth excessive
NEW DELHI: The wholesale price-based inflation rose for the second consecutive month to a 27-month excessive of 4.17 per cent in February, as meals, gasoline and energy costs spiked.
The WPI inflation was 2.03 per cent in January and a couple of.26 per cent in February final 12 months.
Overall, in February, inflation noticed a broad-based rise, as retail inflation hit 5.03 per cent from a 16-month low of 4.06 per cent in January.