India Trade Deficit Widens To $20.1 Billion In April Amid Surging Exports, Imports

India's trade deficit widened to $20.11 billion in April amid more than 30% surge in imports and exports.

Merchandise exports increased by 30.7% to $40.19 billion last month on account of healthy performance by sectors such as petroleum products, electronic goods and chemicals, the Commerce Ministry said on Friday. Imports grew by 30.97% to $60.3 billion.

The trade deficit stood at $15.29 billion in April 2021.

"After a record performance in the last financial year, exports continued robust growth in April 2022 with merchandise exports scaling a new high by crossing $40 billion," the commerce ministry said.

Petroleum and crude oil imports during the month rose by 87.54% to $20.2 billion. Coal, Coke and Briquettes imports jumped to $4.93 billion versus $2 billion in April 2021. Gold imports, however, dipped 72% to $1.72 billion during the month under review, from $6.23 billion in April 2021.

Engineering goods exports increased by 15.38% to $9.2 billion, while petroleum products exports soared 113.21% to $7.73 billion.