India External Debt (USD bn)

External Debt in India

Merchandise exports contract in April

Merchandise exports sank 12.7% on an annual basis in April (March: -13.9% year-on-year). Meanwhile, merchandise imports plunged 14.1% in annual terms in April (March: -7.9% yoy), marking the weakest reading since September 2020.

As a result, the merchandise trade balance improved from the previous month, recording a USD 15.2 billion deficit in April (March 2023: USD 19.7 billion deficit; April 2022: USD 18.4 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 278 billion deficit in April, compared to the USD 283 billion deficit in March.