Trade deficit widens to 5-year high

India’s trade deficit widened to a more than five-year high of $18.02 billion in July, the trade ministry said on Tuesday, driven largely by a surge in oil imports.

Though merchandise exports rose 14.3% year-on-year in July, the trade deficit widened as oil imports surged 57.4% to $12.35 billion.

In June, the trade deficit stood at $16.6 billion.

Merchandise exports last month rose to $25.77 billion from a year earlier, while imports rose 28.8% to $43.79 billion, the Ministry of Commerce and Industry said in a statement.

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Printable version | Mar 31, 2020 2:04:50 AM |

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