Merchandise trade deficit increases in April

Latest reading: In April, the trade balance was USD -28.4 billion, following a USD -20.7 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD -334.5 billion. Merchandise exports rose 13.8% in annual terms in April, coming on the back of a 7.4% fall in the previous month. Merchandise imports increased 10.0% in annual terms in April, coming on the back of a 6.2% fall in the previous month.

Outlook: In recent trade news, in mid-May, India said that it expected the U.S. to visit “soon”, possibly in June, to continue talks over a trade deal, which had been halted following the Supreme Court’s decision in February to strike down Trump’s reciprocal tariffs. The two countries are aiming for a interim pact before the U.S. introduces fresh tariffs under Section 301 of the 1974 Trade Act, with the necessary investigations that are being conducted by the U.S. authorities to introduce the levies due to be completed in the coming months. For now, U.S. tariffs on India sit at 10.0%—the same as in other countries subject to the country’s universal tariff.

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