Trade gap widens to record $25.6 bn; imports surge to $63.58 bn in June

India’s merchandise trade deficit surged to a new high of $25.6 billion in June amid slowing demand for Indian exports and rising imports of gold, coal and crude oil. Exports grew 16.8 per cent year-on-year to $38 billion in June while imports jumped 51 per cent to $63.6 billion, according to the preliminary data released by the commerce ministry on Monday.

India’s traditional high dependence on crude oil led to its imports soaring 94.2 per cent in June to $20.7 billion. Continuing fetish of Indians for gold amid a downward spiral of the equity market meant gold imports rose 169 per