Strong performance by petroleum, engineering and textiles sectors pushed up India's exports growth by 19.8% to $24.6 billion in April. However, trade deficit also witnessed about threefold increase to $13.2 billion, mainly on account of a sharp jump in gold and crude oil imports during the month.
The country's imports, too, jumped more than 49% to $37.9 billion last month from $25.4 billion in April 2016.
The other sectors that helped boost exports include chemicals, iron ore, marine products, cashew, oil meals, iron ore and plastic.Further, oil imports grew by 30.1% to about $7.4 billion. Non-oil imports, too, rose by 54.5% to $30.5 billion.
For the entire last fiscal, 2016-17, exports saw a growth of 4.7% to $274.6 billion as against $262.3 billion in 2015-16.Imports dipped nearly 0.2% to $380.3 billion, lowering trade deficit at $105.7 billion against $118.7 billion in 2015-16. Further, services exports in March increased by 8.6% to $14.2 billion.
The net export of services for 2016-17 was estimated at $65.2 billion, which is lower than net export of services of $69.4 billion during 2015-16, the commerce ministry said in a statement.