India’s trade deficit piles up again !
June 16, 2017
India’s trade deficit widened again to $13.84 billion in May 2017, as per the data showed by the government on 15th June 2017.
WHAT IS TRADE DEFICIT?
When the cost incurred by a country for import exceeds the revenue earned from exports, it is called a trade deficit.
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The deficit of $13.84 billion is the highest in two-and-a-half years. During May 2016, the deficit was $ 6272.90 million. Gold imports surged to nearly $5 billion from $3.85 billion a month ago. Oil imports were valued at $ 7692.71 million for the period which was 29.54% higher than oil imports valued at $ 5938.59 million in May 2016.