Chennai: Merchandise exports were marginally up in April at $34.99 billion on a year-on-year basis. Merchandise and services exports together recorded a 6.8 per cent yearly increase.
Merchandise exports of 34.99 billion were 1.06 per cent higher than the $34.62 billion recorded in April 2023. On a sequential basis, April exports were 16 per cent lower than $41.68 billion in March 2024.
Among 30 key sectors, 13 exhibited positive growth in April as compared to the same period last year. These include electronic goods which grew 25.8 per cent, and tea 25.74 per cent. Organic and inorganic chemicals and coffee also registered double-digit growth.
“In recent weeks there have been some signs of improvement in the global economic outlook and as a result trade should rebound. The engineering sector should certainly do better in the current year,” said Arun Kumar Garodia, chairman of the Engineering Export Promotion Council.
Merchandise imports recorded a higher yearly growth of 10 per cent in April at $54.09 billion against $49.06 billion in April 2023. This led to a widening of the merchandise trade deficit to $19.1 billion in April from $14.4 billion in April 2023 and $15.6 billion in March 2024.
“India’s merchandise trade deficit widened sharply to $19.1 billion in April 2024 from $14.4 billion in the year-ago-month, amid an increase in the oil as well as the non-oil deficit. This was the highest merchandise trade deficit print in four months,” said Aditi Nayar, chief economist, ICRA.
Services export grew 14.7 per cent to $29.57 billion and services import was 21 per cent up to $16.97 billion. Both exports and imports were higher than those in March 2024 as well.
Higher services trade pushed the total exports in April to $64.56 billion, up by 6.88 per cent, and total imports up by 12.78 per cent to $71.07 billion.
