New Delhi: Merchandise exports of India soared 30.7 per cent to $40.19 billion in April, the PTI reported.
The commerce ministry on Friday said that exports rose on account of healthy performance by sectors such as petroleum products, electronic goods, and chemicals, even as trade deficit widened to $20.11 billion during the month.
According to the report, imports during the month under review grew by 30.97 per cent to $60.3 billion.
The trade deficit recorded in April 2021 was at $15.29 billion.
The ministry said, “After a record performance in the last financial year, the exports continued robust growth in April, 2022 with merchandise exports scaling a new high by crossing $40 billion.”
Crude oil and petroleum imports during the month surged by 87.54 per cent to $20.2 billion, while coal, coke and briquettes imports jumped to $4.93 billion, as against $2 billion in April 2021.
However, gold imports slumped by about 72 per cent to $1.72 billion during the month under review, from $6.23 billion in April 2021.
On the other hand, engineering goods exports increased by 15.38 per cent to $9.2 billion and petroleum products exports rose 113.21 per cent to $7.73 billion. Meanwhile, retail inflation zoomed to an eight-year high of 7.79 per cent in April on soaring food and fuel prices, according to the government data.
The high rate of inflation may prompt the Reserve Bank of India (RBI) to go for another key rate hikes next month to tame surging inflation in the country.
The country’s index of industrial production (IIP) has grown a 1.9 per cent YoY in March, pulled down by an unfavourable base effect and price rise.