New Delhi: India’s exports rose 3.23% year-on-year to $24.5 billion in April, while imports grew 3.83% on year to $37.9 billion, government data showed on Friday.
April’s trade deficit was $13.5 billion, while oil imports rose 6.96% on year to $13.9 billion, data showed.
A high trade deficit could worsen India’s current account balance and further weaken the rupee.
The rupee hit a record low on Thursday, clocking its worst month in half a year, as global risk aversion deepened and as a sharp slowdown in domestic economic growth added to gloom about its prospects.
In March, exports fell 5.7% from the year-ago period to $28.7 billion, their first fall in four months, on weakening demand in India’s major exports destinations such as the United States and Europe.
Indian exports rose an annual 21% to $303.7 billion in the 2011-12 fiscal year that ended in March, while imports rose 32.2% to $488.6 billion. The trade deficit for the full fiscal year was $184.9 billion.
