Trade deficit widens to 5-yr high in July; exports grow by 14.3%

A sharp rise in the crude oil bill led to India’s trade deficit widening to a 62-month high in July, despite exports growing by 14.32 per cent. After months of contraction, export grew, helped by engineering, chemical products, and gems and jewellery.

The trade deficit increased to $18.02 billion in July, up from $16.61 billion in June. This was primarily fuelled by a jump in the crude oil import bill, which rose more than 57 per cent to $12.35 billion in July, up from $7.84 billion a month back. 

A broad based hardening of the international crude price has led