Jump in gold imports pushes trade deficit higher, hits $13 billion in April

While imports jumped by 49%, exports grew by 19.77% to $24.63 billion in April on account of robust performance by many sectors

A huge jump in gold imports pushed up the trade deficit to $13.24 billion during the month. Photo: Bloomberg
A huge jump in gold imports pushed up the trade deficit to $13.24 billion during the month. Photo: Bloomberg

New Delhi: India’s exports grew by 19.77% to $24.63 billion in April on account of robust performance by sectors like petroleum, textiles, engineering goods as well as gems and jewellery.

Imports, too, jumped 49.07% to $37.88 billion last month from $25.4 billion in April 2016, according to the data released by the commerce ministry.

A huge jump in gold imports pushed up the trade deficit to $13.24 billion during the month under review from $4.84 billion a year ago.

The imports of the precious metal rose 3-fold to $3.85 billion in April compared to $1.23 billion in the same month last year. In the last fiscal, 2016-17, exports saw a growth of 4.71% to $274.64 billion as against $262.3 billion in 2015-16.