NEW DELHI: India’s shipments shrank 6.7 per cent in April for the seventeenth successive month as imports fell 23 per cent, narrowing the trade deficit by 20 per cent, government data showed.
Exports during April 2016 were valued at $20.6 billion, 6.7 per cent lower than the $22 billion during April 2015, according to the Commerce Ministry. Imports during the same period were valued at $25.4 billion compared with the $33 billion the same month a year ago. The trade deficit shrank for the fourth consecutive month in April to 20 per cent.
Exports in the gems & jewellery sector grew 17.2 per cent in April 2016, at $3.4 billion. Engineering goods exports contracted 19 per cent to $4.8 billion in April 2016 while petroleum products contracted 28 per cent to $1.9 billion in April.
