India's trade deficit widens to over 5-year high in June

NEW DELHI (Reuters) – India’s trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil imports. Fishermen carry bluefin trevally fish locally known as Vatta as a cargo ship carrying containers moves in the Arabian Sea in Kochi, India, May 9, 2018.
REUTERS/Sivaram V/File PhotoThough merchandise exports rose 17.57 percent year-on-year in June, the trade deficit widened to $16.
6 billion due to a rise in oil imports that surged 56.61 percent to $12.
73 billion. In May the trade deficit stood at $14.
62 billion. Merchandise exports last month rose to $27.
7 billion from a year ago, while imports rose 21.31 percent on year to $44.
3 billion, the Ministry of Commerce and Industry said in a statement. India’s gold imports fell 2.
8 percent year-on-year to $2.39 billion in June from a year ago, the statement said.
A worker smokes while sitting on a cart carrying rice sacks in New Delhi August 1, 2014. REUTERS/Anindito Mukherjee/File Photo.

 

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