India’s merchandise exports grew 30.7% to $40.19 billion in April as compared to $30.75 billion in the same period last year. At the same time, imports also increased by 30.97 percent to $ 60.30 billion. According to official figures, trade losses of more than $20 billion were caused by the Ukraine war, due to rising international oil prices. According to trade data released by the commerce ministry on Friday, India (imports 85% of crude oil) bought petroleum worth $20.19 billion in April, compared to $10.76 billion in the same month last year.
Exports of petroleum products increased
Although India’s exports of petroleum products also grew by about 128% ($8.26 billion) in the month, imports exceeded imports manifold in terms of prices. India’s average crude oil import price jumped 62.4% to $102.97 a barrel in April 2022, from $63.40 a barrel in April 2021, due to the war in Eastern Europe and the resulting supply crunch. According to the Petroleum Planning and Analysis Cell (PPAC) data, India’s gross petroleum imports stood at $143.4 billion in 2021-22, nearly double from $77 billion in the previous fiscal.
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what is report
According to a commerce ministry statement, apart from petroleum products, other items that helped boost India’s merchandise exports in April 2022 include electronic goods (71.69%), cereals (60.83%), coffee (59.38%), processed food ( 38.82%) and leather products (36.68%). India Services trade balance is positive at $12.3 billion (Y-Y jump), with estimated value of imports of services at $15.57 billion for April 2022, a positive growth of 61.87% over April 2021 $9.62 billion it shows. Including goods and services, India’s total exports in April 2022 are estimated to be around $67.79 billion, showing a positive growth of 38.9% over the same period last year. Total imports in April 2022 are estimated to be $75.87 billion, an increase of 36.31 percent over the corresponding period last year.
