India's April trade deficit widens to $15.33 bn, exports grew marginally
New Delhi, May 16 (KNN) The trade deficit for the April month has inched to 5-month high as exports surged only marginally by 0.64% to $26 billion. Meanwhile, imports during the month increased by 4.5% to $41.4 billion in comparison to the same month a year ago.
According to data released from the Ministry of Commerce, the trade deficit, a gap between exports and imports, expanded to $15.33 billion in April 2019 as compared to $13.72 billion in April 2018 and $10.89 billion in last month.
Due to rise in crude oil imports coupled with muted growth in export amid rising concerns over US-China trade war, government data showed on Wednesday.
Merchandise exports inched up by 0.64 per cent year-on-year to $26.07 billion in April, while imports rose by 4.48 per cent to $41.4 billion compared to the same month last year.
Commenting on the data, Trade Promotion Council of India (TPCI) said the growth figure of April is not very impressive.
Commenting on the April 2019 trade data, Mohit Singla, Chairman, TPCI, said, “The growth of 0.64 per cen in the month of April is not very impressive,however we sustained the positive momentum. I am happy that high value added products have such as electronic goods and pharmaceuticals has gained to the tune of 27 and 4.3%, respectively, compared to the last year same period. Additionally, pleasant pattern has been observed in tea, species fruits andvegetables which a great sign of exports supporting agri- produce.”