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Home / Economy / India’s exports jump 24% YoY to $38.19 bn in April, trade deficit widens
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India’s trade deficit marginally declined to $20.07 bn in April, compared to $20.88 bn in March. Exports led by engineering goods, petroleum products and gems & jewellery jumped 24.22% year-on-year to record $38.19 billion in April.

Imports, however, jumped at a faster rate to $58.26 bn, owing to the rising cost of oil imports, data released by the commerce and industry ministry showed on Tuesday.

In barely a year, India’s trade deficit has jumped from $15.3 billion in April 2021 to $20.1 billion in April 2022. Expressing concern over the rising trade deficit, experts said that the deficit follows a sharp rise in international oil prices.

“Unless commodity prices recede appreciably, we expect the merchandise trade deficit to print above $20 billion in a majority of the months of FY2023," Aditi Nayar, Chief Economist, ICRA said.

Nayar further said that although the non-oil trade deficit remained stable, there was a shift in its composition, with a plunge in gold imports being offset by a rise in non-oil non-gold imports such as coal and chemicals, an unsavoury yet expected fallout of the higher commodity prices engendered by the Russia-Ukraine conflict.

The ministry said that the value of non-petroleum and non-gems and jewellery exports in April 2022 was $27.16 billion, registering a positive growth of 14.38% over non-petroleum and non-gems and jewellery exports of $23.74 billion in April 2021.

The value of non-petroleum exports in April was $30.46 billion, registering a positive growth of 12.32% over non-petroleum exports of $27.12 billion in April 2021.

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