India's exports hit 6-month high; trade deficit widens as imports up 14.85%

The aftershocks of the Rs 140-billion Nirav Modi scam continued to affect the gems and jewellery sector

A rise in receipts of petroleum, engineering and pharmaceutical products boosted May’s export growth figures to a six-month high of 20.18 per cent, up from 5.71 per cent in April.

Even then the trade deficit widened to a four-month high of $14.62 billion, compared to the $13.7 billion deficit in April as imports rose by 14.85 per cent during the month, compared to the 4.60 per cent rise in April. This could pressurise the current account deficit in the first quarter of the current financial year after it stood at 1.9 per cent of GDP in the fourth quarter of