India’s trade deficit expands to US$ 19.1 bn in April

India’s total exports in April 2024 is estimated to be US$ 64.56 billion, exhibiting a positive growth of 6.88% YoY.

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According to the Commerce and Industry Ministry’s data, India’s exports stood at US$ 34.99 billion, up 1.08% from US$ 34.62 billion in the same month the previous year.

In the meantime, government data shows that India’s imports were US$ 54.09 billion, 10% more than US$ 49.06 billion in April 2023.

According to Commerce Secretary Sunil Barthwal’s, the merchandise trade deficit in India increased to US$ 19.1 billion in April. In March, India’s trade deficit dropped to US$ 15.6 billion, the lowest level in 11 months.

Mr. Barthwal said that the figures showed that the new financial year had started on a good note and hoped that it would continue throughout the year.

The exports decreased to US$ 41.68 billion in March 2024 from US$ 41.96 billion the previous year.
India’s gold imports increased significantly in April, more than doubling to US$ 3.11 billion from US$ 1.53 billion in March.

According to government data, the nation’s oil imports experienced a minor decline, amounting to US$ 16.46 billion in April as opposed to US$ 17.23 billion in March.

The percentage of gold in India’s foreign reserves increased significantly, from 7.37% at the end of September to 8.15 percent by the end of March.

India’s service exports were valued at US$ 29.57 billion in April, while its imports came to US$ 16.97 billion. This compares to US$ 28.54 billion in exports and US$ 15.84 billion in imports recorded in March.