India Trade Deficit Widens More Than Forecast

(RTTNews) - India's trade deficit widened more than expected in April due to Middle East tensions and Strait of Hormuz blockade affecting both exports and imports, data from the Ministry of Commerce & Industry showed Friday.

Exports of goods rose to $43.56 billion from $38.28 billion last year. Imports climbed to $71.94 billion from $65.38 billion.

Consequently, the visible trade gap rose to $28.38 billion from $27.1 billion last year. The deficit was expected to rise to $27 billion from $20.67 billion in March. The ministry said major drivers of merchandise exports growth in April were petroleum products, electronic goods, engineering goods, meat, dairy and poultry products and drugs and pharmaceuticals.

Exports of goods and services advanced 13.59 percent in April. At the same time, imports of goods and services climbed 7.67 percent.

As a result, the overall trade deficit, including goods and services, narrowed to $7.81 billion from $11.16 billion in the previous year.