Pricey Crude Oil Widens Trade Deficit For India

Pricey Crude Oil Widens Trade Deficit For India

The country’s trade deficit continued to widen in June, with rising export growth mitigated by an even higher rise in imports fueled by costlier oil.

According to government data released on Friday, the country’s exports grew by 17.56 per cent in June to hit $27.7 billion due to robust growth recorded in sectors like petroleum products and chemicals.

However, the sharp rise in crude oil prices has pushed trade deficit even higher, recording a widened a 43-month high of $16.6 billion on the backs of a 21.32 per cent increase in imports, which hit $44.3 billion during the month.

June’s trade deficit this year is the widest it has been since November 2014 when the gap was $16.86 billion. The deficit in June last year had stood at $12.96 billion. Read More

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