India's trade deficit narrows to $10 billion in April

India's trade deficit narrowed to $10.08 billion in April, sharply lower from $17.67 billion posted the corresponding month of last year, helped by lower imports and a modest increase in exports, government data showed Friday.

The country's trade deficit stood at $10.51 billion in March, the last month of fiscal 2013-14.

India's exports rose by 5.26 percent to $25.63 billion in April this year from $24.35 billion recorded in the same month last year, according to data released by the ministry of commerce and industry here.

Imports during the month under review dropped by 15 percent to $35.72 billion as compared to $42.02 billion in April 2013,

"The new financial year has started on a positive note and we look forward to build on it. We are aiming for double-digit growth in exports to keep trade deficits within manageable limit," said Rafeeque Ahmed, president, Federation of Indian Export Organisation (FIEO).

Oil imports during April 2014 were valued at $12.97 billion, 0.6 percent lower than oil imports valued at $13.05 billion in the corresponding period last year.

Non-oil imports dropped by 21.5 percent at $22.74 billion during the month under review from $28.97 billion recorded in the same month last year.