Indian exports witness a 24.2% hike, trade deficit increases

A wider trade deficit was marked in the first month of FY23 as due to an increase in imports increased by 26.55%

May 5, 2022

Exports of petroleum products saw a hike of 113.21%, followed by electronic goods at 64.04%, and chemicals at 26.71%

Petroleum products, electronics and chemicals have contributed to this growth as per been leading the according to the preliminary data released

Imports of petroleum, crude and products rose 81.21% YoY while that those of gold reduced by contracted 73% compared to April 2021

The domestic demand for non-oil, non-gold, silver and other precious metals increased to 29.68% in April

Merchandise exports in India increased by 24.22% Y-o-Y in April to reach US$38.19 billion. Petroleum products, electronics and chemicals have contributed to this growth as per the preliminary data released by the commerce and industry ministry this week. 

A wider trade deficit was marked in the first month of FY23 as imports increased by 26.55% to reach US$58.26 billion. A trade gap of US$20.07 billion against US$15.29 billion was marked in March 2022. 

Exports of petroleum products saw a hike of 113.21%, followed by electronic goods at 64.04% and chemicals at 26.71% in April. Imports of petroleum, crude and products rose 81.21% YoY while that of gold reduced by 73% compared to April 2021.

In addition, the domestic demand  for non-oil, non-gold, silver and other precious metals increased to 29.68% in April 

Federation of Indian Export Organisations (FIEO) has pushed for logistics support for the sector due to high freight costs along with the expansion of usage, scope and validity increase of scrips under various schemes.