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Business EconomyPosted at: May 15 2023 6:20PM


India's merchandise exports crash 12.69 pc in April

New Delhi, May 15 (UNI) Amid slowdown in major advanced economies, India's merchandise exports slumped 12.69% year-on-year to US$ 34.66 billion in April, 2023.
India's merchandise exports in April 2022 were valued at US$ 39.70 billion.
The data released by the Commerce and Industry Ministry released on Monday showed India's imports during April 2023 were US$ 49.90 billion.
The trade deficit in April 2023 stood at US$ 15.24 billion.
India’s overall export (merchandise and services) in April 2023 is estimated to be US$ 65.02 billion, exhibiting a positive growth of 2% over April 2022.
Overall import in April 2023 is estimated to be US$ 66.40 billion, exhibiting a negative growth of (-) 7.92% over April 2022.
As per the official release on trade data, non-petroleum and non-gems & jewellery exports in April 2023 were US$ 25.76 billion, compared to US$ 28.37 billion in April 2022.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2023 were US$ 31.49 billion, compared to US$ 36 billion in April 2022.
The estimated value of services export for April 2023 is US$ 30.36 billion, as compared to US$ 24 billion in April 2022. The value of services import for April 2023 is US$ 16.50 billion as compared to US$ 14.06 billion in April 2022.
"Riding on the high exports base of April 2022 India’s overall exports is projected to grow at 2 percent during April 2023," Commerce Ministry said.
Under merchandise exports, 11 of the 30 key sectors exhibited positive growth in April 2023 as compared to the same period last year (April 2022). These include Oil Meals (95.14%), Electronic Goods (26.49%), Rice (24.01%), Oil Seeds (18.01%), Ceramic Products & Glassware (17.21%), Spices (14.44%), Drugs & Pharmaceuticals (10.45%), Fruits & Vegetables (9.96%), Tobacco (6.28%), Coffee (4.17%) and Cereal Preparations & Miscellaneous Processed Items (2.03%).
Exports of Electronic goods increased by 26.49% during April 2023 at US$ 2.11 billion as compared to US$ 1.67 billion in April 2022.
Under merchandise imports, 23 out of 30 key sectors exhibited negative growth in April 2023. These include Project Goods (-73.05%), Sulphur & Unroasted Iron Pyrites (-62.03%), Fertilisers, Crude & Manufactured (-45.86%), Gold (-41.48%), Vegetable Oil (-37.74%) and Organic & Inorganic Chemicals (-31.36%).
"Services exports remain robust and projected to grow at 26.24 percent during April 2023 over April 2022," said the official media release.

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