India trade deficit hits $28.38 billion in April as imports surge and energy shock bites hard

Imports jumped to $71.94 billion despite exports rising

India’s merchandise trade deficit widened to $28.38 billion in April, beating Reuters’ $26.5 billion forecast, as imports surged and energy costs rose amid conflict in the Middle East. Exports rose to $43.56 billion, but imports climbed to $71.94 billion from $59.59 billion. Services trade offered partial support, lifting estimated overall exports of goods and services to $80.80 billion. The rupee took pressure and policymakers intervened, while Modi urged fuel conservation and curbs on non-essential imports and travel.