Oil Widens Trade Deficit To $13.7 Billion

Oil Widens Trade Deficit To $13.7 Billion

Rising crude oil prices contributed to India’s trade deficit widening to $13.72 billion in April 2018, from $13.69 billion in March, and compared with the $13.25 billion shortfall in the same month last year, according to official data released on Tuesday.

Merchandise exports rebounded from a contraction in the preceding month and increased 5.17% year-on-year to $25.91 billion, from $24.64 billion in April 2017. Exports had shrunk 0.66% in March 2018 to $29.11 billion.

“Imports during April 2018 were valued at $39.63 billion (₹2,60,084.67 crore) which was 4.6% higher in dollar terms and 6.43% higher in rupee terms over the level of imports valued at $37.88 billion (₹2,44,380.52 crore) in April 2017,” the government said in a release. Read More

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