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India: Trade deficit widens in April

India’s export growth slid to a four-month low of 0.64% in April as shipments of engineering goods, gems and jewellery, leather and other products declined, widening the trade deficit to a five-month high, official data released Wednesday showed.

Imports increased by 4.5% to $41.4 billion, the highest in the last six months as crude oil and gold shipments shot up during this month.

Merchandise exports stood at $26 billion in April while imports at $41.4 billion, leading to a trade deficit of $15.33 billion, the widest deficit since November 2018, the trade data showed.

The country’s merchandise exports were down because of the negative growth in key sectors such as engineering, gems and jewellery, leather, carpet, plastic, marine products, rice and coffee during the month under review. Previously, exports had recorded a low growth rate of 0.34% in December 2018.

Read more on Outlook India.

Source: Outlook India

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