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India’s Trade Deficit narrows to $21.88 billion in May on lower imports.

India’s Trade Deficit narrows to $21.88 billion in May on lower imports.

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New Delhi: India’s trade deficit narrows to $21.88 billion, which is a five-month high, from $26.42 billion, which was recorded in April, as per the data released by the Ministry of Commerce and Industry on Monday. The main reason for this difference is lower imports.
The recorded Trade Deficit was around $25 billion, according to the poll done by economists.
The data further highlights merchandise dropped by 2.2 per cent, which amounts to a delay of $38.73 billion; imports fell $60.61 billion as per provisional data released.
Meanwhile, the trade in services showed an estimated surplus of $14.65 billion in May, as service exports rose to an estimated $32.39 billion while imports increased to $17.14 billion, Trade Secretary Sunil Barthwal cited.

(Subham Singh)

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