New Delhi, May 13 (Agency) Driven by commodity groups like petroleum products, electronic goods, cereals and leather product, India’s merchandise exports surged 30.7% year-on-year in April, 2022 to $ 40.19 billion as compared to $ 30.77 billion in the same month last year. The data released by Commerce Ministry on Friday showed merchandise imports during April grew 31% year-on-year to $ 60.3 billion compared to $ 46.04 billion in the corresponding period a year ago largely due to high oil prices in the wake on Russia-Ukraine war. India meets nearly 85% of its energy needs from imports. Petroleum, crude & products imports nearly doubled to $20.19 billion in April 2022 from $ 10.76 billion in April, 2021. Trade deficit in April, 2022 widened to $ 20.11 billion as against $ 15.29 billion in April, 2021. As per the official data, non-petroleum and non-gems & jewellery exports in April 2022 were $ 28.46 billion, registering a positive growth of 19.89% over non-petroleum and non-gems & jewellery exports of $ 23.74 billion in April 2021.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $ 35.68 billion in April 2022 with a positive growth of 34.37% over non-petroleum, non-gems & jewellery imports of $ 26.55 billion in April 2021. Research and rating firm ICRA expects India’s merchandise exports to rise by 9% in FY2023 with expectations of a sharp slowdown in world trade volumes, being partly offset by higher commodity prices during the duration of the Russia-Ukraine conflict. “Merchandise imports are set to expand by a faster 16% in FY2023, as domestic demand growth is likely to outpace external demand. Accordingly, we expect the trade deficit to widen to an all-time high of $ 250-255 billion in FY2023. However, a robust services trade surplus is expected to temper the worsening in the current account deficit (CAD) to $ 95-100 billion in FY2023 (2.7% of GDP) from $ 41.5-43.5 billion (1.3% of GDP) in FY2022,” ICRA Chief Economist Aditi Nayar said.
India’s overall exports (merchandise and services combined) in April 2022 are estimated to be $ 67.79 billion, exhibiting a positive growth of 38.90% over the same period last year. Overall imports in April 2022 are estimated to be $ 75.87 billion exhibiting a positive growth of 36.31% over the same period last year. Among the major commodity groups, petroleum products exports soared 127.69% in April 2022 to $ 8.25 billion from $ 3.62 billion in the same month last year. Engineering goods exports grew 22% in April 2022 to $ 9.72 billion as against $ 7.97 billion in April 2021. Electronic goods exports surged 72% to $ 1.67 billion in April 2022 as compared to $ 978 million in the corresponding period last year. Commodities which recorded negative growth in exports during April included iron ore, cashew, spices, rice, carpet and tea. Key items that recorded positive growth in imports during April 2022 included fertilizer, petroleum products, vegetable oil, pulses, coal, coke and briquettes. Gold imports fell 72.35% year-on-year in April 2022 to $ 1.72 billion as compared to $ 6.2 billion in the corresponding period of the previous year.