India Trade Gap Widens to 28.38 Billion Dollars in April
India's trade deficit reached $28.38 billion in April as oil imports surged. The rupee fell to a record low as energy costs pressured the national economy.
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India's merchandise trade deficit widened to $28.38 billion in April as surging crude oil costs pushed imports to a six-month high. The gap exceeded the $26.5 billion forecast by economists polled by Reuters and rose from $20.67 billion in March. A weakening rupee and rising energy prices threaten to slow growth and accelerate inflation for the world's third-largest oil consumer.
