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India’s April trade deficit surges to $19.1 bn
Merchandise imports surged by 10.25% to $54.09 billion in April 2024, leading to a widened trade deficit
Merchandise imports surged by 10.25% to $54.09 billion in April 2024, leading to a widened trade deficit
India is now among top five exporters in a large number of categories. The lessons from these successes can be used to dominate in other sectors.
Overall trade deficit dipped 37.11% to $70.43 billion in April-January 2023-24 from $111.99 billion in the year-ago period.
Import of petroleum-related products from Russia accounted for $27.7 billion in April-December 2022, a 700 % increase from $3.4 billion a year ago.
“With Europe maintaining sanctions on Russia, we expect the trade to divert from Russia to India,” says A Shakhtivel, President, FIEO.
The law firm adds that streamlining the GST refund process is the need of the hour.