Exports up 20% in April; trade deficit widens

On a revival path for eight consecutive months, India's exports grew close to 20% in April but imports too grew significantly widening the trade deficit to $13.25 billion.

According to official data released Monday evening, exports grew by 19.77% to $24.63 billion from $20.56 billion worth of merchandise shipped out during April 2016. The data showed imports grew by 49.07% to $37.88 billion in April.

Petroleum products exports rose close to 49% at $2.95 billion followed by a 28% rise in the shipment of engineering goods at $6.11 billion. Gems and jewellery grew by 15% at $3.97 billion. The data showed that exports in 2016-17 fastest in five years by 4.7% to $275 billion despite demonetisation impacting the economy and informal sector after November 2016.