Official data show that a rise in crude oil imports pushed India's goods import bill to USD60.3 billion in April, up 31%. The trade imbalance widened this month to USD20.11 billion, up from USD18.5 billion in March, while merchandise exports increased 30.7 percent to USD40.19 billion.
Meanwhile, S&P Global Market Intelligence reported on Friday that India's crude oil imports reached a new high in April, reaching 4.8 million barrels per day. For the first time, Russian crude accounted for 5% of India's total seaborne imports, according to the research firm.
Petroleum imports in April were estimated to be at USD20.2 billion, up 87.5 percent from USD10.7 billion in April 2021, according to trade data issued by the Commerce and Industry Ministry.
The goods trade imbalance is expected to reach a new high of USD250-255 billion in 2022-23, according to ICRA, as growth in merchandise exports slows to around 9% during the year. Imports, on the other hand, were forecast to increase by roughly 16%, with local demand expected to expand faster than external demand.