India's trade deficit almost triples in one year

NEW DELHI, Aug. 13 (Xinhua) — India’s trade deficit almost tripled to a record 30 billion U.S. dollars in July compared to a year ago, said official data released by the country’s Commerce and Industry Ministry.

The rise in trade deficit has been attributed to a surge in imports driven by elevated global commodity prices.

According to the data, merchandise exports rose by 2.1 percent in July to 36.3 billion dollars compared to the previous year, while imports jumped by 43.6 percent to 66.3 billion dollars.

Overall exports fell 9.5 percent in July as compared to June, said the data.

The data further showed that during the first four months of this financial year, exports grew 20.1 percent to 157.4 billion dollars, while imports jumped 48.1 percent to 256.4 billion dollars, leading to a deficit of 99 billion dollars.

Citing reasons for rising imports, the Commerce and Industry Ministry stated, “Elevated prices of crude oil, coal and fertilizer in the wake of the Ukraine war have inflated India’s import bill.”