India: Merchandise exports rebound in April
Merchandise exports climbed 1.1% annually in April, on the heels of March’s 0.7% decrease. Meanwhile, merchandise imports expanded 10.3% in annual terms in April (March: -6.0% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 19.1 billion shortfall in April (March 2024: USD 15.6 billion deficit; April 2023: USD 15.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 247.4 billion deficit in April, compared to the USD 243.5 billion deficit in March.
Our panelists expect merchandise exports to grow less than merchandise imports in 2024 and bring the trade balance deeper into the red.