The ongoing military conflict in West Asia and the resulting energy crisis are impacting India’s economy. India’s trade deficit widened to $28.38 billion (over Rs 272,000 crore) in April, compared to $20.67 billion in March. This increase was driven by increases in both imports and exports.
Imports totaled $71.94 billion, up from $59.59 billion in the previous month. Merchandise exports in April totaled $43.56 billion, compared with $38.92 billion in the previous month. However, merchandise exports in April grew by more than 13 percent year-on-year, marking one of the highest monthly increases in the past 10 years, according to the Commerce Ministry.
Import Export Figures
Goods exports in April stood at $43.56 billion, compared with $38.92 billion in the previous month. Imports were $71.94 billion, up from $59.59 billion in the previous month.
However, according to the commerce ministry , merchandise exports grew by over 13 per cent year-on-year in April, one of the highest monthly increases in the last 10 years.
Commerce Secretary Rajesh Agarwal said electronics, petroleum, and poultry were the major drivers of exports, while exports to West Asia declined by 28 percent in April compared to the same period last year. Agarwal further said imports from West Asia also declined significantly, falling by 30 percent in April compared to the same period last year.
What is Trade Deficit?
A trade deficit occurs when the goods a country buys from abroad (imports) are worth more than the goods it sells abroad (exports).
