Higher growth in imports to $58.26 billion with an increase of 26.55 percent left a wide trade deficit in the first month of FY2023. The trade gap stood at $20.07 billion against $15.29 billion in the year-ago period and $18.51 billion in March 2022.
India’s merchandise exports rose 24.22 percent to $38.19 billion in April, led by petroleum products, electronic goods, and chemicals, according to preliminary data released on Tuesday. Higher growth in imports to $58.26 billion with an increase of 26.55 percent left a wide trade deficit in the first month of FY2023. The trade gap stood at $20.07 billion against $15.29 billion in the year-ago period and $18.51 billion in March 2022.
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How much increased
The Ministry of Commerce and Industry said in a statement that April’s exports grew by 24.22 percent, continuing the record-breaking performance of 2021-22, resulting in the highest exports in April. Petroleum products (113.21 percent), electronic goods (64.04 percent), and chemicals (26.71 percent) led the way for higher growth in exports during April, the ministry said.
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Fall in gold imports
Imports of petroleum, crude oil, and products grew by 81.21 percent year-on-year as compared to April 2021, while gold imports declined by about 73 percent. (non-oil, non-gold, silver, and precious metals) imports, a measure of the strength of domestic demand, rose 29.68 percent. As the data shows, there has been a significant increase in India’s exports. On the other hand, there has been an increase in imports as well. In fact, due to the low production of many goods, prices have risen, due to which the fiscal deficit has been affected even after low exports.
