Trade deficit widens to 4-month high of $14.62 billion: Suresh Prabhu

Suresh Prabhu, minister of commerce and industry said exports in May rose by 28.18% to Rs 28.86 billion while imports were up 14.85% to $43.48 billion.

India’s trade deficit widened to a four month high of $14.62 billion in May as imports surged nearly 15%, the government said on Friday.

Minister of commerce and industry Suresh Prabhu said exports in May rose by 28.18% to Rs 28.86 billion while imports were up 14.85% to $43.48 billion.

The country’s trade deficit widened to $14.62 billion from $13.84 billion in May 2017.

Oil imports were up 49.46% to $11.5 billion on back of surge in international crude prices.

Gold imports were up 16.6% to $1.18 billion in May.