Exports up 24% to $38 bn in April; trade deficit widens to $20 bn

Exports rose by 24.22 per cent to a monthly record high of $38.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as trade deficit widened to $20 billion during the month, the commerce ministry said on Tuesday.

Imports during the month under review grew by 26.55 per cent to $58.26 billion. The trade deficit in April 2021 was at $15.29 billion.

Oil imports during the month rose by 81.21 per cent to $19.5 billion. Coal, Coke and Briquettes imports jumped to $4.8 billion as against $2 billion in April 2021.

Gold imports, however, dipped to $1.68 billion during the month under review from $6.23 billion in April 2021.

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

However, gems and jewellery exports dipped by 2.11 per cent to $3.3 billion.

Commenting on exports, FIEO President A Sakthivel said that the "highest-ever exports" of over $38 billion, during the first month of the fiscal, shows the continuous impressive performance of the exports sector.

"The benefits of the newly signed FTAs and the PLI Scheme will further help us in building on the milestones achieved during the previous fiscal," he said.