After a record performance in the last fiscal year, exports continued their robust growth in April 2022, with merchandise exports hitting a new high by crossing $40 billion, the Ministry of Commerce and Industry said on Monday.
The ministry indicated that this is an increase of more than 30% compared to April 2021. Petroleum products (127.69%), electronic products (71.69%), cereals (60.83%) , coffee (59.38%), exports of processed foods (38.82%) and leather products (36.68%) led the way in achieving the record performance.
Services exports hit $27.60 billion, an increase of 53 percent from April 2021, according to the ministry.
“India’s overall exports (goods and services combined) in April 2022 are estimated at $67.79 billion, showing a positive growth of 38.90% over the same period last year,” a- he indicated.
Overall imports in April 2022 are estimated at 75.87 billion U.S. dollars, showing a positive growth of 36.31 percent over the same period last year, he said.
According to the ministry, merchandise exports in April 2022 were USD 40.19 billion, compared to USD 30.75 billion in April 2021, showing a positive growth of 30.70%.
“Merchandise imports in April 2022 were $60.30 billion, an increase of 30.97% compared to imports of $46.04 billion in April 2021,” it said.
The merchandise trade deficit in April 2022 was estimated at USD 20.11 billion compared to USD 15.29 billion in April 2021, an increase of 31.50%.
Speaking of trade in services, the ministry said that the estimated value of services exports for April 2022 is USD 27.60 billion, showing a positive growth of 52.87% compared to April 2021 (USD 18.06 billion). .
The estimated value of services imports for April 2022 is $15.57 billion, a positive growth of 61.87 percent compared to April 2021 ($9.62 billion), he said.