India’s merchandise exports in April demonstrated resilience, inching up by 1% to $34.99 billion, despite prevailing global economic challenges. This positive trajectory was fueled by notable growth in sectors such as electronics, chemicals, petroleum products, and pharmaceuticals.
The rise in exports, however, was accompanied by a widening trade deficit, which reached a four-month high at $19.1 billion. Imports surged by 10.25% to $54.09 billion, largely driven by a substantial increase in gold imports, with precious metal imports more than doubling to $3.11 billion. Additionally, crude oil imports rose by 20.22% to $16.5 billion.
Commerce Secretary Sunil Barthwal, while briefing the media on the data, expressed optimism about the fiscal year’s outset, highlighting the overall positive performance despite the widening trade gap. He noted the upward revision of the country’s total exports in goods and services for the previous fiscal year to $778.21 billion, marking a record high.
Barthwal underscored the diverse growth across sectors, with 13 out of 30 key sectors exhibiting positive growth in April compared to the same period last year. These sectors include coffee, tobacco, spices, plastic, and handicrafts, indicating a broad-based export expansion.
In addition to merchandise exports, services exports also showcased robust growth, reaching an estimated value of $29.57 billion in April, compared to $25.78 billion in the corresponding period last year. Imports of services also witnessed an uptick, reflecting a balanced trade portfolio and indicating growing demand for India’s services globally.
Despite challenges posed by the global economic environment, India’s trade performance in April reflects resilience and optimism for the future, with efforts underway to sustain and further enhance export growth across sectors.
