India's Trade Deficit Widens To $19.1 Billion In April
Exports rose 1.1% annually to $34.99 billion year-on-year.
India's merchandise trade deficit widened in April as a sequential decline in exports is outpacing the fall in imports. A surge in gold prices too contributed to the rise in deficit.
In absolute terms, the trade gap widened to $19.1 billion in April as compared with $15.6 billion, according to a press briefing by the Ministry of Commerce and Industry on Wednesday.
Exports rose 1.1% annually to $34.99 billion year-on-year.
Imports increased 10.3% annually to $54.1 billion year-on-year.
Exports fell 16.1% month-on-month from March.
Imports declined 5.6% month-on-month from March.
Key Export Items
Exports of engineering goods stood at $8.7 billion, 3.2% lower year-on-year.
Petroleum product exports were at $6.6 billion, 3.1% higher than a year earlier.
Gems and jewellery exports were at $2.3 billion, 6.9% lower on an annual basis.
Organic and inorganic chemical exports were at $2.5 billion, 16.8% higher on an annual basis.
Drugs and pharmaceutical exports were at $2.4 billion, 7.4% higher from over a year earlier.
Electronic exports were at $2.7 billion, 25.8% higher from over a year earlier.
Key Import Items
Gold imports saw a surge aided by the spike in prices.
Petroleum, crude, and product imports were down 20.2% from a year ago at $16.5 billion.
Organic and inorganic chemical imports were at $2.2 billion, 5.2% lower on an annual basis.
Imports of coal, coke, and briquettes were down 11.7% than a year ago at $3.1 billion.
Imports of electronic goods were at $7 billion, 10% higher over a year earlier.
Machinery, electrical and non-electrical goods were at $3.8 billion, down 3.5% over the previous year.
Gold imports stood at $3.1 billion, 209% higher than a year ago.
India achieved the highest ever trade figure achieved in FY24, commerce secretary Sunil Barthwal said at the press briefing. The new financial year too is of to a good start and there is hope that the good start will continue as growth rates improve in western world and inflation reduces, Barthwal also said.
