India’s Trade Deficit Widens in May as Imports Continue to Climb

India’s trade deficit widened in May as imports continued to expand on the back of strong domestic demand.

The gap between exports and imports stood at $23.8 billion last month, Trade Ministry data showed Friday, higher than the $19.5 billion deficit forecast by economists in a Bloomberg survey. Exports grew 9.1% to $38.1 billion, while imports climbed 7.7% to $61.9 billion during the month.