Informist, Wednesday, May 15, 2024

--India Apr exports $34.99 bln vs $34.62 bln yr ago

--India Apr imports $54.09 bln vs $49.06 bln yr ago

--India Apr trade deficit $19.1 bln vs $14.44 bln year ago

--India Apr gold imports $3.11 bln vs $1.01 bln yr ago

--India Apr oil imports $16.46 bln vs $13.69 bln yr ago

--Trade secy: Exports declined on month in Apr on seasonal factors

NEW DELHI – India's merchandise trade deficit widened to a five-month high of $19.10 bln in April, mainly because exports declined to a five-month low, according to data released by the commerce ministry today. The trade deficit was at an 11-month low of $15.60 bln in March, and $14.44 bln in April last year.

Goods exports fell to $34.99 bln last month from a 12-month high of $41.68 bln in March. Compared to $34.62 bln a year ago, exports were up 1.1% in April.

Merchandise imports also declined in April compared to the previous month, but rose 10.3% on year. India imported goods worth $54.09 bln in April, a three-month low, compared to $57.28 bln in March and $49.06 bln in April 2023.

The month-on-month fall in merchandise exports in April was mainly because of "seasonal factors," Commerce Secretary Sunil Barthwal said at a press conference. Historically, both exports and imports tend to decline in April compared to the previous month.

Oil imports fell to a three-month low of $16.46 bln in April from $17.23 bln in March, but rose 20.2% from $13.69 bln in April last year. Gold imports rose to $3.11 bln last month from $1.53 bln in March and $1.01 bln a year ago.

Non-oil imports rose 6.4% on year to $37.63 bln in April. Pulses imports jumped 172.3% on year to $411 mln, while vegetable oil imports were up 24.0% at $1.34 bln in April. Imports of electronic goods rose 10.0% on year to $7.05 bln.

Exports of electronic goods, on the other hand, rose 25.8% on year to $2.65 bln in April. Petroleum product exports were up 3.1% on year at $6.62 bln rupees. India also exported engineering goods worth $8.67 bln in April, down 3.2% on year.

"This financial year started on an optimistic note," Barthwal said, adding that the government hopes the optimism continues.

The following tables detail trade data for April, in bln dollars, and the percentage changes:

*Figures for March were released in April and are subject to revision

Source: Ministry of Commerce and Industry

End

US$1 = 83.50 rupees

Reported by Shubham Rana and Krity Ambey

Edited by Avishek Dutta

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