India's overall exports rise 2 pct in April

NEW DELHI, May 16 (Xinhua) -- India's goods exports shrank to 34.66 billion U.S. dollars in April from 39.70 billion dollars in the same month last year due to decline in demand in major markets, showed the latest data released by the Ministry of Commerce and Industry.

As services exports rose to 30.36 billion dollars in April from 24.05 billion dollars in April 2022, however, the country's total exports rose nearly 2 percent, from 63.75 billion dollars in April 2022 to 65.02 billion dollars in April 2023.

The trade deficit during April stood at 1.38 billion dollars, which is said to be the lowest in the past one-and-a-half years.

The overall imports in April were estimated at 66.40 billion dollars, down 7.92 percent year on year, showed the data.

Electronic goods, rice, drugs and pharmaceuticals, oil meals, ceramic products and glassware, and spices registered a significant increase in exports in April.

Reacting to the overall export figures in April, A. Sakthivel, president of the Federation of Indian Export Organizations (FIEO), said that the Russia-Ukraine conflict coupled with emerging geopolitical scenario had also made the international scenario much "tougher" for Indian exporters.

"We hope to continue with this growth trajectory," he said, adding that exports would start showing better growth numbers starting July this year, with fresh orders for festival and New Year season beginning to come.