India’s trade deficit widens to 4-month high of $14.62 billion in May

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

Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.

Trade deficit widened to $14.62 billion from $13.84 billion in May 2017.

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

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