India’s trade deficit jumped 27% in April to reach its highest since November 2014. Import growth of 49% was driven by gold and higher oil prices. The latter may subside as a growth driver as oil prices in May so far are only 7% higher than a year earlier. Shipments from China also expanded by 25.0%, echoing that country’s global export boom. Exports also increased, in part due to oil derived products. Shipments to the U.S. – India’s largest customer – only increased 5% however. A drop in furniture exports offset higher textile and apparel sales.