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India Trade Gap Widens In May

India's merchandise trade deficit for May widened from the same month last year, official data showed Tuesday.

The trade deficit rose 99.61 percent to $6.28 billion from $3.15 billion a year ago, the Ministry of Commerce and Industry said.

Exports grew 69.35 percent year-on-year and were 8.11 percent higher from the same month in 2019. Excluding petroleum, and gems and jewelry, exports rose 46.50 percent.

Imports increased 73.64 percent annually in May, but they were down 17.42 percent from the same month in 2019.

Oil imports in May rose 171.10 percent year-on-year and non-oil imports grew 55.48 percent.

Earlier, data from the central bank had shown that the estimated the surplus in in services for May was $7.88 billion versus $7.65 billion in April.

The overall trade deficit for the April-May period is estimated at $5.85 billion as compared to the surplus of $4.06 billion in the same period last year.

Goods exports for the two months combined rose 113.85 percent from a year ago. Imports climbed 114.31 percent.

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