The growth of exports slips to a minimum of 4 months in April; commercial gap in the maximum of 5 months
NEW DELHI: India's Exports Growth Was Reduced To A Minimum Of Four Months Of 0.64 Percent In April Because Shipments Of Engineering Products, Gems And Jewelry, Leather And Other Products Decreased, Which Widened The Trade Deficit To A Maximum Of Five Months, According To The Official Data Published On Wednesday.
Imports Increased By 4.5 Per Cent, The Highest Growth In The Last Six Months As Crude Oil And Gold Shipments Shot Up In The Month.
Goods The Exports Stood At $ 26 Billion In April While Imports At $ 41.4 Billion, Leading To A Trade Gap Of $ 15.33 Billion, The Widest Deficit Since November 2018, The Trade Data Showed.
The country's merchandise The Exports were down because of the negative growth in key sectors such as engineering, gems and jewellery, leather, carpet, plastic, marine products, rice and coffee during the month under review. Previously, The Exports had recorded a low growth rate of 0.34 per cent in December 2018.
Oil Imports Grew By 9.26 Per Cent To $ 11.38 Billion And Non-oil Imports Expanded By 2.78 Per Cent.
Gold Imports Rose By 54 Per Cent To $ 3.97 Billion In April.
Certain The Exports sectors which recorded positive growth include petroleum, handicrafts, ready-made garments, and pharmaceuticals.
Commenting On The Data, Trade Promotion Council Of India (TPCI) Said That The Growth Figure April Is" Not Very Impressive" .
"However we sustained the positive momentum. Additionally, a pleasant pattern has been observed in tea, spices, fruits and vegetables which a great sign of The Exports supporting agri- produce," TPCI chairman Mohit Singla said in a statement.
Federation Of Indian Export Organizations (FIEO) President Ganesh Kumar Gupta Said Export Numbers Are Not At All Encouraging As Is Almost The Labor-intensive Sectors Are Into Negative Territory.
" These Sectors Are Still Facing The Problem Of Liquidity In Addition To Other Challenges, Including The Global Trade War, Protectionism, Global Fragile Conditions And Constraints On The Domestic Front," He Said.
Gupta also expressed concerns on the rising Trade Deficit primarily on account of swelling crude import bill with the further northward movement of prices and ban on Iranian imports along with rising gold import.
He added that with rising trade tensions between the US and China, the global trade scenario may further worsen, putting more pressure on Indian The Exports in months to come.