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Exports increased by 24% to $38 billion in April, widening the trade deficit to $20 billion

Exports rose 24.22% in April to a monthly record of USD38.19 billion, driven by strong performance in sectors such as petroleum products, electronics and chemicals, although the trade deficit narrowed. be reduced to 20% on the month of USD1 billion, the Commerce Department said. he said on Tuesday.

Imports rose 26.55% to USD58.26 billion in the month. The trade deficit was USD15.29 billion in April 2021.

      exports rise

Oil imports rose 81.21% during the month to USD19.5 billion. Imports of coal, coke and briquettes increased from USD2 billion in April 2021 to USD4.8 billion.

However, gold imports fell to USD1.68 billion in the month from USD6.23 billion in April 2021.

Exports of engineering goods increased by 15.38% to USD9.2 billion, while exports of petroleum products increased by 113.21% to USD7.73 billion.

Gemstone and jewelry exports, however, fell 2.11% to USD3.3 billion.

Regarding exports, FIEO President A Sakthivel said the "highest ever exports" of over USD38 billion in the first month of the fiscal year demonstrates the impressive performance and continues in the export sector.

“The benefits of recently signed free trade agreements and the PLI program will help us continue the milestones achieved in the previous fiscal year,” he said.

Also Read: RBI raises repo rate by 40 basis points to 4.40% and CRR by 50 basis points, citing inflation concerns

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