Indian exports up 1.07% in April; trade deficit expands by 32.3%

India's merchandise exports rise in April, imports surge, and gold imports triple, with optimistic outlook for future exports.

India’s merchandise exports rose 1.07% to hit almost $35 billion in April while imports jumped 10.25% to $54.1 billion, as per Commerce Ministry estimates. The goods trade deficit for the month was 32.3% higher than a year ago, at $19.1 billion.

Gold imports more than tripled in April to $3.11 billion from $1.01 billion in the same month a year ago. Gold imports stood at $1.53 billion in March 2024.

Commerce Secretary Sunil Barthwal said he hoped the rise in merchandise exports in the first month of financial year 2024-25 is a good omen for the coming months.

The ministry also raised its estimates for total exports in 2023-24 to $778.2 billion from $776.7 billion estimated last month, reflecting a 0.42% uptick over the record figure of $776.4 billion achieved in 2022-23.

This revision was based on services exports numbers which are now pegged at $341.1 billion in 2023-24, compared with $325.3 billion in 2022-23. Goods export estimates for 2023-24 remained unchanged at $437.1 billion, 3.1% below the record $451.1 billion tally a year earlier.