Exports rise 17.6%, trade gap widens to 43-month high

New Delhi: India’s exports soared by 17.6% to $27.7 billion in June but the trade deficit widened to a more than three-and-a-half-year high of $16.6 billion due to costlier crude oil imports.

Imports too rose by 21.3% to $44.3 billion during the month, according to the data released by the commerce ministry.

The trade deficit in June 2018 is the highest since November 2014 when the gap was $16.86 billion. The deficit in June 2017 stood at $12.96 billion. During April-June this fiscal, exports rose by 14.2% to $82.47 billion.

Imports during the first quarter of the fiscal increased by 13.5% to $127.41 billion, leaving a trade deficit of $44.94 billion.

Exporting sectors, which helped to push the shipments in June, include petroleum products, chemicals, pharmaceuticals, gems and jewellery and engineering goods. Oil imports during the month were up by 56.6% to $12.73 billion.

Gold imports in June dipped by about 3% to $2.38 billion.