India’s merchandise exports rose 1.07% to hit almost $35 billion in April while imports jumped 10.25% to $54.1 billion, as per Commerce Ministry estimates. The goods trade deficit for the month was 32.3% higher than a year ago, at $19.1 billion.
Gold imports more than tripled in April to $3.11 billion from $1.01 billion in the same month a year ago. Gold imports stood at $1.53 billion in March 2024.
Commerce Secretary Sunil Barthwal said he hoped the rise in merchandise exports in the first month of financial year 2024-25 is a good omen for the coming months.
The ministry also raised its estimates for total exports in 2023-24 to $778.2 billion from $776.7 billion estimated last month, reflecting a 0.42% uptick over the record figure of $776.4 billion achieved in 2022-23.
This revision was based on services exports numbers which are now pegged at $341.1 billion in 2023-24, compared with $325.3 billion in 2022-23. Goods export estimates for 2023-24 remained unchanged at $437.1 billion, 3.1% below the record $451.1 billion tally a year earlier.
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