TW Newsdesk, May 14: Merchandise exports of India in April increased 30.7% to $40.19 billion compared to $30.75 billion in the corresponding period last year. Imports also increased 30.97% to $60.30 billion, leaving a trade deficit of over $20 billion mainly because of an increase in international oil prices due to the Ukraine war, according to official data.

India, which imports 85% of the crude oil it processes, imported petroleum worth $20.19 billion in April compared to $10.76 billion in the same month last year according to trade data provided by the commerce ministry on May 13.