India’s exports have increased by 17.57 per cent to $27.7 billion in June, Deccan Herald has reported.
However, trade deficit too has increased to $16.6 billion, due to costlier crude oil imports. Imports increased to $44.3 billion in June. Oil imports increased by 56.61 per cent to $12.73 billion during the month.The deficit is the highest since November 2014.
Gold imports reduced by three per cent to $2.38 billion.
In the first quarter this year, exports increased to $82.47 billion. Major exporting sectors which have contributed to the increase include pharmaceuticals, engineering goods, petroleum products, gems and jewels.
The increase in exports comes amidst global trade war triggered by USA and China. USA has increased tariffs on imports from India and China to reduce its trade deficit. This has led to retaliatory measures from both, China and India.
Imports have become costlier due to higher oil prices and depreciating value of rupee.