
India’s trade deficit falls to 21-month low at $15.2 bn in April
India’s overall exports in April 2023 were recorded at $65.02 billion, up 2% YoY, while imports dipped 7.9% to $66.4 bn
India’s overall exports in April 2023 were recorded at $65.02 billion, up 2% YoY, while imports dipped 7.9% to $66.4 bn
Merchandise exports dropped 13.9% year-on-year to $38.38 billion in March while imports fell 7.9% year-on-year to $58.11 billion.
The commerce ministry says India’s trade is moving forward on the high growth wave even with the high base of last year.
The country’s imports witnessed a growth of 5.7% to $69 billion in October this year as against $53.64 billion in October 2021.
Exports rose marginally by 1.62% to $33.92 billion last month as compared to $33.38 billion in August 2021.
India has maintained its exports in July despite anti inflationary measures and continued disruptions in supply chains due to Covid and Russia-Ukraine conflict.
Sequential decline in current account deficit in Q4 FY22 was mainly due to moderation in the trade deficit and lower net outgo of primary income.
Labour-intensive sectors also contributed to the exports basket, which itself is a good sign, further helping job creation in the country.
Inflation for manufactured products, which constitutes 64.23% to the WPI basket, soared to 9.84% year-on-year in February compared with 9.42% in January.
Though, Russia is a marginal trade partner with barely 1.4% of India's import and 0.9% of exports, spike in crude and commodity prices will elevate inflation and dent consumer demand.