India’s Foreign Trade Shows Base-Effect Led Spike In April
Gantry cranes stand at the Jawaharlal Nehru Port, operated by Jawaharlal Nehru Port Trust (JNPT), in Navi Mumbai, Maharashtra, India, on Monday, March 30, 2020. Photographer: Dhiraj Singh/BloombergTopics  

India’s Foreign Trade Shows Base-Effect Led Spike In April

India’s foreign trade decelerated from a month ago in April, but witnessed a base effect-led spike.

Trade deficit widened to $15.09 billion in April from $13.9 billion in March, according to data released on May 14 by the Ministry of Commerce and Industry.

  • Merchandise exports contracted 11% month-on-month to $30.63 billion.
  • Merchandise imports fell 5.5% to $45.72 billion.
  • On an annual basis, exports rose 195.72% and imports increased 167.05%, led by a low base.

Non-petroleum and non-gems and jewellery exports fell 13.9% month-on-month to $23.62 billion in April.

Key Exports (Month-On-Month):

  • Gems and jewellery contracted 6.5% to $3.4 billion.
  • Drugs and pharmaceuticals contracted 17.7% to $1.9 billion.
  • Organic and inorganic chemicals fell 11.8% to $2.1 billion.
  • Engineering goods contracted 14.5% to $8 billion.
  • Electronic goods dropped 30.2% to $0.98 billion.
  • Ready-made garments of all textiles fell 9% to $1.3 billion.
  • Petroleum products rose 6.2% to $3.6 billion.

Key Imports (Month-On-Month):

  • Coal, coke and briquettes rose 14.7% to $1.9 billion.
  • Petroleum and crude products increased 5.9% to $1.1 billion.
  • Organic and inorganic chemicals rose 6.4% to $2.2 billion.
  • Pearls, precious and semi-precious stones contracted 2.8% to $2.4 billion.
  • Iron and steel imports reduced by 11% to $1.2 billion.
  • Non-ferrous metal imports fell 5.6% to $1.3 billion.
  • Machinery, electrical and non-electrical imports declined 13% to $3.1 billion.
  • Transport equipment dropped 15.6% to $1.5 billion.
  • Electronic goods fell 13.7% to $5 billion.
  • Gold imports contracted 26.5% to $6.3 billion.
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