India’s trade deficit widened to a more than five year high of $18.02 billion in July driven largely by a surge in oil imports. This means that the imports during the period exceeded the exports.
With the rupee hitting a life time lows against the dollars, it means that the imports are getting more expensive for the economy
Though merchandise exports rose 14.32% year-on-year in July, the trade deficit widened as oil imports surged 57.41% to $12.35 billion. The trade deficit was $16.6 billion in June.
Merchandise exports last month rose to $25.77 billion from a year ago, while imports rose 28.81% to $43.79 billion, the Ministry of Commerce and Industry said in a statement.
breathed his last on Thursday.