In April, the trade imbalance grew to $19.1 billion

According to official statistics released on Wednesday, India’s goods trade imbalance climbed to $19.1 billion in April from $15.6 billion in March as a result of a sharp drop in exports. On a year-over-year (YoY) basis, exports increased by 1.06% in April to $34.99 billion from $34.62 billion during the same time the previous year. The value of the exports was $41.68 billion as of March 2024.

The quantity of imports in April was $54.09 billion, a 10% increase over the $49.06 billion that was registered in April 2023. During a media conference, Commerce Secretary Sunil Barthwal said that goods exports rose in April. He was upbeat about the fiscal year’s strong start and predicted further development going forward.

“YoY, goods exports in April increased. I hope this upward trend continues. Given the improved outlook for global economy and the anticipated decline in inflation, trade prospects should improve this fiscal year, according to Barthwal.

The amount of gold imported into India increased significantly in April, more than doubling to $3.11 billion from $1.53 billion in March. On the other hand, official data shows that oil imports decreased somewhat from $17.23 billion in March to $16.46 billion in April. In April 2024, there was a 25.8% rise in the export of electronic items and a 25.74% increase in the export of tea. Conversely, imports decreased by 8.3% in fertilisers (manufactured and crude) and by 21.12% in pearls and precious and semi-precious stones.

Trade Secretary Barthwal emphasized that the significant rise in imports of gold is consistent with regular patterns and is not unusual. He connected this spike to the rise in gold prices as a consequence of increasing demand for the metal globally brought on by geopolitical unrest. In view of these uncertainties, he also said that some central banks across the world are increasing their gold holdings.