India’s merchandise exports up 30.70% in April; trade deficit widens to $20.11 billion

The commerce ministry in its latest data has said that India’s merchandise exports rose 30.70 per cent to $40.19 billion in April 2022 as compared to $30.75 billion in April 2021 on account of healthy performance by sectors like petroleum products, electronic goods and chemicals. Merchandise imports in April 2022 were $60.30 Billion, which is an increase of 30.97 per cent over imports of $46.04 Billion in April 2021. The trade deficit widened to $20.11 billion in April 2022 from $15.29 billion from the year-ago period.

As per the data, engineering goods exports increased by 15.38 per cent to $9.2 billion, while petroleum products exports soared 113.21 per cent to $7.73 billion. Petroleum and crude oil imports in April 2022 rose by 87.54 per cent to $20.2 billion. Coal, coke and briquettes imports jumped to $4.93 billion, as against $2 billion in April 2021. However, Gold imports dipped by about 72 per cent to $1.72 billion during the month under review, from $6.23 billion in April 2021.

The ministry said the estimated value of services export for April 2022 is $27.60 billion, an increase of 52.87 per cent over April 2021. Services imports rose by 61.87 per cent to $15.57 billion.