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Goods exports fall to $38bn in April, trade deficit widens to $20 bn

Goods exports fall to $38bn in April, trade deficit widens to $20 bn - (1)

According to preliminary data released by the Commerce Department on January 1.

However, imports did not fall by the same magnitude, totaling $58.26 billion compared to $60.74 billion in March. Thus, the goods trade deficit widened from US$18.51 billion to US$20.07 billion during the period.

On an annual basis, export and import growth remained strong. While exports increased by 24.2% year-on-year in April, imports increased by 26.6%.

The trade deficit was 31.2% higher than in April 2021.

Oil imports continued to drive imports higher. Imports of oil and crude products represented 33.5% of imports in April. In terms of value, $19.51 billion of these products were imported last month, which represents an annual growth of 81.2 percent.

Rising world energy prices are also reflected in the value of imported coal. In April, coal, coke, and briquettes worth 4,740 million dollars were imported, 136.4 percent more than in the same month last year.

Gold imports, however, fell 73% to $1.69 billion.

On the export front, $9.2 billion worth of tech products were shipped abroad, up 15.4% from April 2021. Rising oil prices Energy also helped exports of petroleum products Indian oil, which increased by 113.2% to 7,730 million dollars.

Final trade data for April will be released in mid-May.



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