April Exports Down by 12.7%, Import 14%

· Commodity Prices Crash

· Mobile Exports Up as Apple Sources from India Instead of China

· In April 2022, the trade deficit stood at $18.36 billion. The lowest level prior to that was in April 2021, when the deficit stood at $15.10 billion

For the third month in a row, Indian exports contracted, declining by 12.7 per cent to $34.66 billion in April, while the trade deficit reduced to a 20-month low of $15.24 billion, according to the government data released on Monday.

Meanwhile, imports too declined by about 14 per cent for the fifth month in a row, to $49.9 billion, against $58.06 billion recorded in the same month last year.

In April 2022, the trade deficit stood at $18.36 billion. The lowest level prior to that was in April 2021, when the deficit stood at $15.10 billion.

In April, export sectors which recorded negative growth, included petroleum products, gems and jewellery, engineering goods, chemicals and ready-made garments of all textiles.

But, electronic goods, pharma, rice and oil meals registered positive growth. The shipments of electronic goods rose by 26.49 per cent to $2.11 billion in the month under review.

Under merchandise exports, only 11 of the 30 key sectors exhibited positive growth in April and at imports front, 23 out of 30 key sectors recorded negative growth. Crude oil imports dipped by 13.95 per cent to $15.17 billion. Gold imports too contracted by 41.48 per cent to $1 billion in April.

As per the ministry data, exports of goods and services in 2022-23 increased by 14.68 per cent to $775.87 billion as against $676.53 billion in 2021-22.Services exports in April this year were estimated at $30.36 billion, as compared to $24.05 billion in April 2022.