Key highlights:

  • India's trade deficit rises to $13.24 billion on sharp rise in gold, oil imports
  • Gold imports sees three-fold rise during April
  • Crude oil imports grew by 30.12% in April

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

India's trade deficit also witnessed about three-fold increase to $13.24 billion mainly on account of sharp jump in gold and crude oil imports during the month.

"In continuation with the double digit growth exhibited by exports during March, exports during April have shown growth of 19.77%," the commerce ministry said in a statement.

ALSO READ: India's strong export growth continues with 20% rise in April

India's imports too jumped 49.07% to $37.88 billion last month from $25.4 billion in April 2016.

Gold imports rose three-fold to $3.85 billion in April compared to $1.23 billion in the same month last year.

In April, petroleum, textiles, engineering goods and gems and jewellery shipments recorded a growth of 48.77%, 31.72%, 28.21% and 15% respectively.

Strong Rupee unlikely to impact Indian exports this time around

"The net export of services for 2016-17 was estimated at $65.21 billion, which is lower than net export of services of $69.41 billion during 2015-16," it added.

"The implementation of upcoming GST and release of the revised Foreign Trade Policy will give further push to export growth," said FIEO President Ganesh Kumar Gupta.