Business strategy

Goods Exports In April Jump 30% YoY To $40 Billion; Trade Deficit Widens To $20.1 Billion

India’s merchandise exports in April registered a 30 per cent year-on-year jump to USD 40 billion, led by strong outbound shipments of petroleum products, electronic goods, cereals and coffee. The merchandise trade deficit has widened to USD 20.11 billion. Services exports also saw a whopping rise of 53 per cent y-o-y in April to reach USD 27.60 billion.

Merchandise imports in April 2022 grew 30.97 per cent to USD 60.3 billion. The trade deficit had stood at USD 15.29 billion in April 2021.

“India’s overall exports (merchandise and services combined) in April 2022 are estimated to be USD 67.79 billion, exhibiting a positive growth of 38.90 per cent over the same period last year. Overall imports in April 2022 are estimated to be USD 75.87 billion, exhibiting a positive growth of 36.31 per cent over the same period last year,” the commerce and industry ministry said in a statement on Friday.

Petroleum products witnessed a jump of 127.69 per cent in exports, followed by electronic goods 71.69 per cent, cereals (60.83 per cent), coffee (59.38 per cent), processed food (38.82 per cent) and leather product (36.68 per cent).

“The merchandise trade deficit in April 2022 was estimated at USD 20.11 billion as against USD 15.29 billion in April 2021, which is an increase of 31.50 per cent,” the statement said.

Non-petroleum and non-gems & jewellery exports in April 2022 were USD 28.46 billion, registering a positive growth of 19.89 per cent over non-petroleum and non-gems & jewellery exports of USD 23.74 billion in April 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 35.68 billion in April 2022 with a positive growth of 34.37 per cent over non-petroleum, non-gems & jewellery imports of USD 26.55 billion in April 2021.

“The estimated value of services export for April 2022 is USD 27.60 billion, exhibiting a positive growth of 52.87 per cent vis-a-vis April 2021 (USD 18.06 billion). The estimated value of services import for April 2022 is USD 15.57 billion, exhibiting a positive growth of 61.87 per cent vis-à-vis April 2021 (USD 9.62 billion),” the ministry said.

It added that the services trade balance in April 2022 was estimated at USD 12.03 billion, which is an increase of 42.61 per cent over April 2021 (USD 8.44 billion).

Exports of engineering goods increased 15.38 per cent to USD 9.2 billion, while petroleum products exports soared 113.21 per cent to USD 7.73 billion.

Imports of petroleum and crude oil jumped 87.54 per cent to USD 20.2 billion in April 2022; while that of coal, coke and briquettes rose to USD 4.93 billion as against USD 2 billion a year ago. Gold imports during April declined about 72 per cent to USD 1.72 billion, from USD 6.23 billion in April 2021.

India achieved the highest-ever goods exports of USD 400 billion during the last financial year 2021-22, a 37 per cent jump over the previous fiscal. The exports in FY2020-21 had stood at USD 292 billion. “India set an ambitious target of $400 billion of goods exports and achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs (micro, small and medium enterprises), manufacturers and exporters for this success,” the prime minister had said in a tweet.

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