A higher increase in imports of 26.55% at $58.26 billion, left a wider trade deficit in the first month of FY23. The trade gap was $20.07 billion as against $15.29 billion in the year ago period and $18.51 billion in March 2022.
“April exports jump 24.22%, continuing the record-breaking 2021-22 performance, resulting in highest ever exports in April,” the commerce and industry ministry said in a statement.
It said that petroleum products (113.21%), electronic goods (64.04%) and chemicals (26.71%) led the way in high increase in exports during April.
Imports of petroleum, crude and products rose 81.21% on-year while those of gold contracted almost 73% compared to April 2021.
Non-oil, non-gold, silver and precious metals) imports, a measure of the strength of the domestic demand, rose 29.68%, the data showed.
