India's trade deficit hits 5-month high as imports surge

AI Summary

India's trade deficit rose to a five-month high due to a substantial surge in imports, especially crude oil and fertilizer. Exports grew with electronics and engineering goods leading, but import costs overshadowed gains, potentially widening the current account deficit this fiscal year.

India's trade deficit reached a five-month high as imports surged significantly. Exports showed continued growth, but were overshadowed by increased import costs. Crude oil and fertilizer imports saw substantial year-on-year expansion in June. Electronics and engineering goods led export growth, while gold imports remained stable. Analysts anticipate a widening current account deficit for the fiscal year.