27 May 2022 16:56
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Indian goods exports perform well, increased to $40.19 billion amidst the Ukraine war

India has recently signed Free Trade Agreement (FTA) with Australia to boost its exports.

In April, India’s goods exports increased 30.7% to $40.19 billion compared to $30.75 billion in the corresponding period last year.

A statement of the commerce ministry noted: “Services [exports] performed extremely well to reach $27.60 bn, which is an increase of 53% over April 2021.”

According to trade data released by the ministry, imports rose 30.97% to $60.30 billion because of surging international oil prices due to the Ukraine war.

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India imports 85% of its crude oil and bought petroleum worth $20.19 billion in April compared to $10.76 billion in the same month last year.

Further, according to Petroleum Planning and Analysis Cell’s (PPAC) provisional data, India’s gross petroleum imports in 2021-22 were $143.4 billion, nearly double the $77 billion in the previous fiscal year.

Other items that helped in raising India’s goods exports in April included electronic goods: 71.69%, cereals: 60.83%, coffee: 59.38%, processed food: 38.82% and leather products: 36.68%.

India’s trade balance in services is positive by $12.3 billion with the estimated value of services import for April at $15.57 billion exhibiting a positive growth.

India achieved a record $419.5 billion in merchandise exports and about $250 billion in services exports in 2021-22.

India has recently signed Free Trade Agreement (FTA) with Australia to boost its exports.

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At this stage, India is also aggressively promoting wheat exports after supply disruptions of the cereal from Ukraine.

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