Trade data: India’s oil imports up by a whopping 41.49% in April; trade deficit widens to $13.72 billion

By: | Updated: May 15, 2018 6:30 PM

India's oil imports in the month of April were up by a whopping 41.49% year-on-year to $10.41 billion, trade data of Commerce Ministry showed.

While India's exports grew 10% y-o-y in FY18, imports grew at a faster clip—at 20%—widening the trade deficit to 2 billion.Trade data: India’s oil imports up by a whopping 41.49% in April; total exports at .9 billion.

Exports grew by 5.17 per cent to USD 25.91 billion in April compared to the same month last year on account of healthy performance by engineering, chemicals and pharmaceutical segments, according to the commerce ministry data. Imports too grew by 4.60 per cent to USD 39.63 billion in the month on yearly basis, leaving a trade deficit of USD 13.72 billion.

Oil imports during the month under review were valued at USD 10.41 billion, 41.5 per cent higher than the same month of previous year. Non-oil imports , however, dipped by 4.3 per cent to USD 29.21 billion in April 2018.
Engineering, chemicals and pharmaceutical exports recorded a growth of 17.63 per cent, 38.48 per cent and 13.56 per cent respectively during the month.

However petroleum products, carpet, gems and jewellery and iron ore recorded negative growth. Gold imports too dipped by 33 per cent to USD 2.58 billion in April. Exports had dipped by 0.66 per cent to USD 29.11 billion in March, even as foreign shipments increased by 9.78 per cent for the full 2017-18 fiscal.

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