India's exports in April grow 24.2% to $38.19 billion
In April, India's exports increased by 24.2 percent to $38.19 billion. In April, exports grew at their fastest rate ever. According to government estimates announced on May 3, India exported items worth $38.19 billion in April 2022, up 24.2 percent from a year ago but down 9.5 percent from the previous month's record $42.2 billion exports. The trade deficit in April was $20.07 billion, up from $15.29 billion in April 21.
Non-petroleum exports increased by 12.3% in April, while non-petroleum imports increased by only 9.8%.
Exports of petroleum products, electronic items, and chemicals have increased significantly. Non-petroleum and non-gems and jewelry exports totaled $27.16 billion in April 2022, an increase of 14.38 percent above non-petroleum and non-gems and jewelry exports of $23.74 billion in April 2021.
Petroleum products (113.21%), electronic goods (64.04%), and chemicals (26.71%) led the way in terms of significant export growth in April 2022.
In April 2022, India's product imports totaled $58.26 billion, up 26.55 percent from $46.04 billion in April 2021. Non-petroleum imports totaled $38.75 billion in April 2022, an increase of 9.87 percent over non-petroleum imports of $35.27 billion in April 2021. Gem and jewelry exports plummeted 2.1 percent in April, while rice exports dropped 14.24 percent. Exports of engineering items rose 15.4% in April to $9.2 billion, indicating that demand is still strong.
Exports of readymade clothes increased by 16.4% to $1.5 billion in April 2021, but were down 13.2% in March 2022. Organic chemicals exports, meanwhile, were up 26.7 percent year over year but decreased 8.1 percent month over month to just over $2.5 billion.
In 2021-22, India's exports reached a new high of $420 billion, and the government is working to attain a higher goal for this year. Last year, imports reached a new record of $612 billion, up 55% from 2020-21 levels.
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