Imports surge massively, trade deficit widens to 4-month high
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 % to $ 28.86 billion
India's trade deficit widened to four month high of $ 14.62 billion in May as imports surged nearly 15 %, the government said today.
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 % to $ 28.86 billion while imports were up 14.85 % to $ 43.48 billion. 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.