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.