India: Merchandise exports rise at a faster pace in April
Merchandise exports soared 30.7% annually in April (March: +19.8% year-on-year), chiefly on the back of rising shipments of food and grains. Meanwhile, merchandise imports shot up 31.0% on an annual basis in April (March: +24.2% yoy), mostly due to higher prices for imported crude oil.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 20.1 billion shortfall in April (March 2022: USD 18.5 billion deficit; April 2021: USD 15.3 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 204.3 billion deficit in April, compared to the USD 199.3 billion deficit in March.