By Ed Frankl
India's trade deficit widened compared with the same month of last year, despite exports rising faster then imports, government figures published Friday said.
The country's trade deficit in merchandise was $23.78 billion in May, more than the $22.53 billion recorded in the same month of 2023, the data said.
Exports grew 9.1% on year to $38.13 billion, led by petrol exports that climbed 16%. Engineering goods, electronics and pharmaceuticals exports also increased compared with the same month last year. Meanwhile, imports rose 7.7% to $61.91 billion from May 2023.
The larger deficit comes after Indian voters surprised pollsters by leaving incumbent Prime Minister Narendra Modi without a majority in the recent general election, potentially making the path of economic reforms in the country more challenging.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
06-14-24 1012ET
