Trade deficit widens to 4-month high of $14.62 bn

New Delhi: India’s trade deficit widened to four month high of $14.62 billion in May as imports surged nearly 15 per cent, the government said on Friday.

Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.

Trade deficit widened to $14.62 billion from $13.84 billion in May 2017.

Oil imports were up 49.46 per cent to $11.5 billion on back of surge in international crude prices.

Gold imports were up 16.6 per cent to $1.18 billion in May.