India’s trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil prices and a weaker rupee.
Though merchandise exports rose 17.57 percent year-on-year in June, the trade deficit widened to $16.6 billion from $14.62 billion in May. Oil imports rose 56.61 percent to $12.73 billion.
The oil import bill of India, the world’s third biggest crude importer, rose sharply with global oil prices amid concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from the world markets. Read More
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