India’s Merchandise Exports In April Rise 31% On Year, Trade Gap Widens

Friday,   13-May-2022   03:22 PM (IST)

India's merchandise exports in April grew for 17th month running from a year earlier on the back of strengthening global demand, but the expansion rate eased from the previous month's record pace. Merchandise exports from Asia's third-largest economy in April totalled $40.19 billion, up 30.7% from $30.75 billion a year earlier. However, exports fell from a record $42.22 billion in March, according to government data. Imports during April rose 31% from a year earlier to $60.30 billion, as the value of overseas purchase of petroleum, crude and other products surged about 88% amid soaring commodity prices. However, overseas purchases eased from a record high of $60.74 billion last month. Trade deficit in April stood at $20.11 billion, wider than $18.51 billion in the previous month and $15.29 billion a year earlier. Trade gap had widened to a record high of $22.91 billion in November. Imports of petroleum, crude and products surged 87.5% to $20.19 billion in April from $10.76 billion a year earlier. It stood at $18.79 billion in March. Non-petroleum and non-gems and jewellery exports and imports in April totalled $28.46 billion and $35.68 billion respectively, up 19.9% and 34.4% from a year earlier. Petroleum products exports in April more than doubled to $8.26 billion from $3.63 billion a year earlier. It stood at $7.78 billion in the previous month. High prices of crude oil swelled the import bill and export earnings during the month. Engineering goods exports increased to $9.73 billion in April from $7.97 billion a year earlier. It stood at $10.88 billion in March. Electronic goods imports rose 32.9% from a year earlier to $6.72 billion in April, while it stood at $8.53 billion in March. Gold imports were at $1.72 billion in April, plunging from $6.24 billion a year earlier. It was at $1.04 billion in the previous month. Gems and jewellery exports in April rose to $3.47 billion from $3.38 billion a year earlier. It stood at $3.78 billion in March. Coal, coke and briquettes imports more than doubled to $4.94 billion in the just-ended month from $2 billion a year earlier. It rose from $4.59 billion in March. Vegetable oil imports surged 35.5% on year to $1.75 billion and was up from $1.73 billion in the previous month. In the last financial year that ended Mar. 31, exports of goods grew 43.81% annually to $419.65 billion, the highest ever in the history of Asia’s third-largest economy.