India's April exports rise to USD 30 bn, import surge USD 54.72 bn
India's April exports rise to USD 30 bn, import surge USD 54.72 bn
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The data released by the commerce and industry ministry showed that India's merchandise exports nearly tripled from a year ago to USD30.63 billion in April, mainly on account of the statistical effect of a low base, Imports also rose sharply during the month, surging 167.1 percent on year to USD45.72 billion.

In April 2020, lockdowns imposed around the world to curb the spread of COVID-19 nearly brought global trade to a standstill. India's merchandise exports had plunged 60.3 percent, the sharpest year-on-year fall in at least 29 years. This boosted growth figures for April this year.

Trade deficit during the month widened 123.4 percent on-year to USD15.10 billion. While the year-on-year rise was due to the low base, the latest figures showed a sharp decline in trade on a month-on-month basis. Exports were down 11.1 percent on month, while imports were 5.5 percent lower, likely because of the second wave of COVID19 in India.

Exports of engineering goods surged 238.3 percent on-year to USD7.96 billion, while those of petroleum products rose 191.5 percent on-year to USD3.62 billion. Gems and jewellery exports were at USD3.38 billion in April versus only USD36.06 million in the corresponding month last year. On the imports front, non-oil imports rose 179.7 percent to USD34.85 billion, driven mainly by gold. Imports of gold soared to USD6.24 billion from only USD2.83 million a year ago. Oil imports increased 133.2 percent on-year to USD10.87 billion.

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