INDIA'S MERCHANDISE EXPORTS GROW MARGINALLY BY 1.08 % TO $ 34.99 BN

Merchandise exports charted a very mild growth amidst global challenges with electronic goods, drugs pharmaceuticals, organic inorganic chemicals and petroleum products keeping India’s outbound shipments on positive trajectory

- NIVEDITA MUKHERJEE

A midst a ballooning trade deficit of USD19.1 billion in April 2024, India’s exports increased sluggishly by 1.08 per cent year-on-year at USD 34.99 billion last month -- as compared to USD 34.62 billion in April 2023 – with electronic goods, organic and inorganic chemicals, petroleum products and drugs and pharmaceuticals acting as main drivers of merchandise exports growth during April 2024. Merchandise imports in April 2024 were USD 54.09 billion, as compared to USD 49.06 billion in April 2023.

Commerce Secretary Sunil Barthwal said the new fiscal year had started on a good note and hoped that it continues. Aditi Nayar, Chief Economist ICRA notes that this was the highest merchandise trade deficit print in four months and was also much higher than ICRA's expectations. "Notably, the widening in the non-oil deficit in April 2024 vis-àvis April 2023 was entirely driven by a tripling in gold imports, partly aided by the surge in gold prices.