India’s Trade Deficit Widened in December

India’s trade deficit in December widened compared with the same month the previous year, government data showed Friday.

The trade deficit for December stood at $15.44 billion compared with a $12.49 billion deficit in December 2019.

The widening of the trade deficit was driven by a larger increase in imports than in exports. Remaining almost flat, exports posted a 0.14% increase from a year earlier to $27.15 billion, after falling 8.74% in November due to the coronavirus pandemic. Imports rose 7.56% to $42.59 billion, following November’s 13.32% drop.

India, Asia’s third-largest economy, has been running a significant trade deficit for more than 15 years. The growth of exports in recent years has been offset by increased imports–mostly of energy and electronic goods.
Source: Dow Jones