India’s foreign trade deficit during April 2016 hit a five-year low to $4.8 billion, lower than $10.99 billion deficit in April 2015, largely because of a sharp decline in imports, an official released said.
The imports in April 2016, the first month of the current financial year, fell by 23.10% to $25.41 billion from $33.04 billion in April 2015 whereas exports fell by 6.74% to $20.56 billion from $22.05 billion in March 2015.
Exports declined for the 17th straight month, while lower oil imports dragged down imports.
Exports during March 2016 were valued at $12.89 billion whereas imports during the same period were at $7.90 billion. The trade deficit stood at $ 5.07 billion in March 2016.