Despite increase in export, trade deficit widens to 43-month high

 India's exports soared by 17.57% to $27.7 billion in June but the trade deficit widened to a more than three-and a-half-year high of $16.6 billion due to costlier crude oil imports.

Imports too rose by 21.31% to $44.3 billion during the month, according to the data released by the commerce ministry. The trade deficit in June 2018 is the highest since November 2014 when the gap was $16.86 billion. The deficit in June 2017 stood at $12.96 billion. During April-June this fiscal, exports rose by 14.21% to$ 82.47 billion.

Imports during the first quarter of the fiscal increased by 13.49% to$ 127.41 billion, leaving a trade deficit of $44.94 billion. Exporting sectors, which helped to push the shipments in June include petroleum products, chemicals, pharmaceuticals, gems and jewellery, and engineering goods. Oil imports during the month were up by 56.61% to $12.73 billion.
Gold imports in June dipped by about 3% to $2.38 billion.