India’s trade balance widens to USD 20.1bn in April 2022

Foreign trade continued to uphold its y/y growth momentum in April 2022, as exports and imports grew by 24.2% and 26.5%, accelerating from 19.7% and 24.1%, respectively, in the previous month. As imports continued to outweigh exports, the merchandise trade deficit widened to USD 20.1bn. However, in terms of levels, both exports and imports declined in April, as compared to March, by 9.5% m/m, and 4.1% m/m, respectively.

Exports and imports declined in April, as compared to March, by 9.5% m/m, and 4.1% m/m

Due to the elevated crude oil prices, oil imports continued to climb upwards, moving to another record high of USD 19.5bn in April. Non-oil imports, on the other hand, reduced to USD 38.7bn in April, from USD 41.9bn in March. Non-oil exports also suffered a decline of 11.6% m/m.

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Further data and analysis on India’s economy are available on the CEIC India Economy in a Snapshot – Q2 2022 report.