April saw India's lowest trade deficit in 21 months
India's total exports (goods and services combined) were predicted to reach $65.02 billion in April 2022, an increase of 2% from April 2022.
According to a senior government source quoted by Reuters, the trade gap in goods and services between India and the rest of the world decreased to its lowest level in 21 months in April. According to government figures issued today, the merchandise and services deficit decreased to $1.38 billion from $8.37 billion in the same time last month.
India's total exports (including both goods and services) were predicted to reach $65.02 billion in April 2022, an increase of 2% from April 2022. The expected value of all imports in April 2023 was $66.40 billion, a decrease of 7.92% from April 2022.
India's exports of goods fell 12.7% year over year to $34.66 billion in April of current year. According to the report, imports also decreased by approximately 14% to $49.9 billion from $58.06 billion in the same month previous year.
The commerce ministry provided a detailed breakdown of export and import figures, stating that non-petroleum, non-gems and jewellery exports in April 2023 were $25.76 billion, down from $28.37 billion in April 2022. Imports of non-petroleum, non-gems, and jewellery (gold, silver, and precious metals) totaled $31.49 billion in April 2023 versus $36.00 billion in April 2022.
Electronics exports rose from $1.67 billion in April 2022 to $2.11 billion in April 2023, a 26.49% increase. On the other hand, because of the weak demand brought on by the recessionary impacts in major economies, exports of textiles, plastic, and linoleum continued to fall in April 2023.
Exports of services are still strong. According to estimates, the value of services exported in April 2023 was $30.36 billion, up from $24.05 billion in April 2022. In April 2023, the expected value of imported services was $16.50 billion, up from $14.06 billion in April 2022.
India's total exports in 2022–2023 concluded at $775.87 billion, up more than 14% and nearly $100 billion from the previous year, according to the commerce ministry. Exports of goods exceeded $450.43 billion, while those of services increased to $325.44 billion.