GOODS EXPORTS UP 30.7%, IMPORTS HIT $60.3 BILLION

NEW DELHI: India’s merchandise exports in April surged 30.7% to $40.19 billion compared to $30.75 billion in the corresponding period last year, but imports also rose 30.97% to $60.30 billion, leaving a trade deficit of over $20 billion mainly because of surging international oil prices due to the Ukraine war, according to official data.

India, which imports 85% of the crude oil it processes, bought petroleum worth $20.19 billion in April compared to $10.76 billion in the same month last year according to trade data released by the commerce ministry on Friday.

Although India’s exports of petroleum products also surged about 128% (to $8.26 billion) in the month, in terms of value, imports surpassed it by several times. Due to Russia’s invasion of Ukraine, and the consequent supply squeeze, India’s average crude oil import price (Indian basket) in April jumped 62.4% to $102.97 a barrel from $63.40 per barrel in April 2021. India’s gross petroleum imports in 2021-22 were $143.4 billion, nearly double the $77 billion in the previous fiscal year, according to Petroleum Planning and Analysis Cell’s (PPAC) provisional data. Besides petroleum products, other items that helped in raising India’s mercantile exports in April included electronic goods (71.69% higher), cereals (60.83%), coffee (59.38%), processed food (38.82%) and leather products (36.68%), according to a statement of the commerce ministry. “Services [exports] performed extremely well to reach $27.60 bn, which is an increase of 53% over April 2021,” it said. The data for trade in services is an extrapolation as the latest available data for services sector released by the RBI is for March this year.