Costlier crude oil imports spur higher trade deficit
India’s exports soared by 17.6% 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 21.3% to $44.3 billion during the month, according to the data released by the commerce ministry.
Highest since Nov. 2014
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 14.2% to $82.47 billion.
Imports during the first quarter of the fiscal increased by 13.5% 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 56.6% to $12.73 billion.
Gold imports in June dipped by about 3% to $2.38 billion.
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