India's May trade deficit widens to $14.62 billion

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.

In April trade deficit stood at $13.72 billion.

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.

India’s gold imports fell 29.85 percent year-on-year to $3.48 billion in May from a year ago, the statement said.