India: Merchandise export growth slumps in April, deficit widens
May 15, 2019
Merchandise export growth in annual terms plummeted to 0.6% in April, down from 11.0% in March. The slowdown was primarily due to a decrease in shipments excluding petroleum, gems and jewelry. Merchandise imports increased 4.5% in April, up from 1.4% in March. Higher imports in April were largely caused by a 9.2% rise in oil purchases.
The merchandise trade deficit was USD 15.3 billion in April, which represented a widening compared to the USD 13.7 billion deficit in the same month a year earlier and USD 10.9 billion shortfall in March. Meanwhile, the 12-month trailing sum of the trade deficit widened for the first time in five months to USD 178.0 billion in April from USD 176.4 billion.
Author: Edward Gardner, Economist