India's trade deficit hits record high of $24.3 bn in May: Govt data

India’s trade deficit hit a record $24.3 billion in May, higher than  estimates, amid a sharp jump in gold imports to $2.8 billion, according to the latest data released by the commerce ministry. 

Preliminary estimates released earlier in the month had put the trade deficit at $23.3 billion. 

The previous highest monthly trade deficit was $22.91 billion in November 2021. 

Aditi Nayar, chief economist at ICRA, said that based on the expectation that gold imports may reduce after the Akshaya Tritiya season, trade deficit was likely to demonstrate some moderation in June.