India's Trade Gap Widens To Four-Month High As Imports Surge
Date
5/15/2024 2:25:12 PM
(MENAFN- KNN India) New Delhi, May 15 (KNN)
India's trade deficit, the gap between exports and imports, widened to a four-month high of USD 19.1 billion in April 2024, driven by a surge in imports.
According to data released by the Ministry of Commerce and industry on May 15, imports surged by 10.25 per cent year-on-year to USD 54.09 billion, outpacing the modest 1.09 per cent increase in exports, which stood at USD 34.99 billion.
The widening trade gap reflects the weak global demand, particularly in Western countries, which has impacted India's export performance. While exports inched up by 1 per cent compared to April 2023, imports soared by over 10 per cent, contributing to the highest trade deficit since December 2023.
On a sequential basis, imports in April declined by USD 3.19 billion while exports shrunk by USD 6.71 billion, the official data showed. While exports in March stood at USD 41.7 billion, import came in at USD 57.28 billion.
As far as services exports are concerned, India registered a sharp 14 per cent jump in April to USD 29.57 billion compared to USD 25.78 billion in April 2023. Imports also jumped 21.56 per cent to USD 16.97 billion compared to USD 13.96 billion.
(KNN Bureau)
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