India’s Merchandise Exports Surged 30.7%

India's merchandise exports increased 30.7% to $40.19 billion in April due to strong performance in the petroleum, electronic and chemical sectors, while the trade deficit expanded to $20.11 billion in a month, the Ministry of Commerce announced on Friday.

Imports during April under review also grew by 30.97% to 60.3 billion. The trade deficit for April was $15.29 billion. The Ministry of Commerce also said, “After a record performance in the last previous financial year, the exports continued robust growth in April 2022 with merchandise exports scaling a new high by crossing $40 billion. 

Petroleum and crude oil imports increased 87.54% to $20.2 billion during the month. Coal, coke, and Briquettes imports surged from $2 billion in April 2021 to $4.93 billion.

However, gold imports fell by about 72% from $6.23 billion to $1.72 billion in April 2021. Exports of engineering goods increased by 15,38% to $9.2 billion, while petroleum products exports went up to $7.73 billion with an increase of 113.21%.