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July trade deficit widens to over 5-yr high of $18.02 bn due to oil imports

The trade deficit widened as oil imports surged 57.41% to $12.35 bn

Reuters  |  New Delhi 

India's trade deficit widened to a more than five-year high of $18.02 billion in July, the trade ministry said on Tuesday, driven largely by a surge in oil imports. Though merchandise exports rose 14.32 per cent year-on-year in July, the trade deficit widened as oil imports surged 57.41 per cent to $12.35 billion. In June, the trade deficit stood at $16.6 billion. Merchandise exports last month rose to $25.77 billion from a year ago, while imports rose 28.81 per cent to $43.79 billion, the Ministry of Commerce and Industry said in a statement.

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First Published: Tue, August 14 2018. 18:33 IST