June 15, 2018 / 8:19 AM / 5 months ago

India's trade deficit widens to $14.62 billion in May

A fisherman prepares to cast his fishing net in the waters of the Vembanad lake as a container ship is seen docked in the background, at a port in Vallarpadam, in Kochi, Kerala February 11, 2014. REUTERS/Sivaram/Files

NEW DELHI (Reuters) - India’s merchandise exports in May rose 20.2 percent year-on-year, the trade ministry said on Friday, but the trade deficit widened to $14.62 billion driven mainly by a 50 percent surge in oil imports despite higher global prices.

Merchandise exports last month rose to $28.86 billion from a year ago, while imports rose 14.85 percent on year to $43.48 billion, the Ministry of Commerce and Industry said in a statement.

Reporting by Manoj Kumar; Editing by Malini Menon

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