India: Trade deficit widens in April
May 18, 2015
More recent data related to India’s external sector showed that the trade deficit totaled USD 11.0 billion in April, which was above the USD 10.1 billion shortfall observed in the same month last year. For the 12 months up to April, the trade deficit recorded USD 137.8 billion, which was slightly above the 136.9 billion shortfall tallied in the 12 months up to March and marked the biggest deficit in four months.
The widening in the trade deficit showed that imports contracted 7.5% annually in April, which was above the 13.4% fall registered in March. The reading was largely the result of the sharp decline in oil prices. Accordingly, oil imports totaled USD 7.4 billion, which represented a 42.6% decrease compared to the same month of the previous year.
Meanwhile, exports contracted 14.0% year-on-year in April (March: -21.1% yoy).