NEW DELHI: India's goods exports rose by as much as 24% to a record $38.19 billion in April compared with a year ago, the commerce ministry said on Tuesday, helping the country to tamp down its trade deficit despite a 27% rise in imports to $58.26 billion due to surging crude oil prices in the wake of the war in Ukraine.
It was a "spectacular start" to the 2022-23 financial year, commerce minister Piyush Goyal said in a tweet. "New financial year begins with record goods exports in April," he tweeted.
"We are building on a historic high of 2021-22 & confidently achieving new milestones on the back of trade deals inked recently." Minister Goyal was referring to the two free trade agreements one with the United Arab Emirates signed in February and the other with Australia signed in April. The emirates trade deal, which came into effect on May 1, is expected to double bilateral trade to $100 billion in five years. Similar growth in expected through the India-Australia Economic Cooperation and Trade Agreement.
This story is from the May 04, 2022 edition of Hindustan Times.
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This story is from the May 04, 2022 edition of Hindustan Times.
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