In April, India’s goods exports increased 30.7% to $40.19 billion compared to $30.75 billion in the corresponding period last year.
A statement of the commerce ministry noted: “Services [exports] performed extremely well to reach $27.60 bn, which is an increase of 53% over April 2021.”
According to trade data released by the ministry, imports rose 30.97% to $60.30 billion because of surging international oil prices due to the Ukraine war.
India imports 85% of its crude oil and bought petroleum worth $20.19 billion in April compared to $10.76 billion in the same month last year.
Further, according to Petroleum Planning and Analysis Cell’s (PPAC) provisional data, India’s gross petroleum imports in 2021-22 were $143.4 billion, nearly double the $77 billion in the previous fiscal year.
Other items that helped in raising India’s goods exports in April included electronic goods: 71.69%, cereals: 60.83%, coffee: 59.38%, processed food: 38.82% and leather products: 36.68%.
India’s trade balance in services is positive by $12.3 billion with the estimated value of services import for April at $15.57 billion exhibiting a positive growth.
India achieved a record $419.5 billion in merchandise exports and about $250 billion in services exports in 2021-22.
India has recently signed Free Trade Agreement (FTA) with Australia to boost its exports.
At this stage, India is also aggressively promoting wheat exports after supply disruptions of the cereal from Ukraine.