NEW DELHI India’s trade deficit swelled to a 29-month high in April as imports led by gold grew sharper than exports.
Imports grew 49% from a year ago to $37.8 billion, buoyed by a 211% rise in gold imports. Exports increased 19.7% to $24.6 billion, widening trade deficit to $13.2 billion from $4.8 billion in the year ago period.“In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth... Overall the trade balance has improved,” commerce and industry ministry said in a statement on Monday.
Gold imports in the month ballooned to $3.8 billion from $1.2 billion in the year-ago period.
“With every other form of financial asset fetching lower returns, it is gold that people are turning to as investment. Add to that rupee appreciation and latent demand for gold due to demonetisation, and imports of the yellow metal have skyrocketed,” said India Ratings chief economist DK Pant.
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