India's merchandise exports rose by 24.22 per cent year-on-year to USD 38.19 billion in April 2022 on the back of healthy growth in the sectors like petroleum products, electronic goods and chemicals, the government data showed on Tuesday.
However, on a month-on-month basis exports have declined. In March 2022 India's merchandise exports stood at USD 42.22 billion. It fell to USD 38.19 billion in April. The value of non-petroleum exports in April 2022 was USD 30.46 billion, registering a growth of 12.32 per cent over non-petroleum exports of USD 27.12 billion in April 2021, according to data released by the Ministry of Commerce & Industry.
Petroleum products (113.21 per cent), Electronic goods (64.04 per cent) and Chemicals (26.71 per cent) led the way in high increase in exports during April 2022.
India's merchandise imports in April 2022 rose to USD 58.26 billion from USD 46.04 billion recorded in April 2021, posting year-on-year growth of 26.55 per cent.
The trade deficit in April 2022 widened to USD 20.07 billion from USD 15.29 billion recorded in the same month last year posting an increase of 31.23 per cent.
The value of non-petroleum imports was USD 38.75 billion in April 2022 with a positive growth of 9.87 per cent over non-petroleum imports of USD 35.27 billion in April 2021.
The value of non-oil, non-GJ (gold, silver & Precious metals) imports was USD 34.43 billion in April 2022 with a positive growth of 29.68 per cent over non-oil and non-GJ imports of USD 26.55 billion in April 2021.
Despite geo-political challenges, the engineering goods export has continued the growth momentum set in the last financial year. Exports of engineering items in value terms stayed above USD 9 billion in April 2022 and recorded 15 per cent year-on-year growth.
This clearly shows India is gradually moving towards becoming a manufacturing powerhouse in the world, EEPC India Chairman Mahesh Desai said.
"While the trade deals with UAE and Australia are expected to give a boost to the sector, the proposed free trade pacts with other countries like UK and Canada would further give impetus to exports from India," Desai said.