May 15th 2024.
The latest government data has shown that India's merchandise exports have increased by 1% to reach $34.99 billion in the month of April. This is despite the widening of the trade deficit to a four-month high of $19.1 billion. The growth in exports can be attributed to the strong performance in sectors such as electronics, chemicals, petroleum products, and pharmaceuticals, even in the midst of global economic uncertainties.
On the other hand, imports have also seen a significant rise of 10.25%, reaching $54.09 billion in April. This was mainly driven by a surge in gold imports, which more than doubled to $3.11 billion. The import of crude oil also witnessed an increase of 20.22%, reaching $16.5 billion in the same period.
The trade deficit, which is the difference between imports and exports, stood at $14.44 billion in April 2023, which is the highest since December 2023 when it was recorded at $19.8 billion. In comparison, in March 2024, exports had dipped to $41.68 billion from $41.96 billion a year ago.
In a press briefing, Commerce Secretary Sunil Barthwal stated that the new fiscal year has started on a positive note and expressed hope that it will continue to do well. He also revealed that the data for the country's total exports in goods and services for 2023-24 has been revised to $778.21 billion, which is the highest so far. In the last fiscal year, merchandise exports stood at $437.1 billion, while services exports were at $341.1 billion.
Out of the 30 key sectors, 13 showed positive growth in April compared to the same period last year. These include coffee, tobacco, spices, plastic, and handicrafts. The commerce ministry data, released on Wednesday, also showed that the estimated value of services exports for April is $29.57 billion, an increase from $25.78 billion in April 2023. Similarly, imports of services are estimated to have risen to $16.97 billion in April from $13.96 billion in the same period last year.
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