NEW DELHI: India's trade deficit, difference between imports and exports, has widened during the past three years with as many as 25 major countries including South Korea, Japan, Germany, Iraq and Saudi Arabia, Parliament was informed Wednesday. The increasing trade deficit in spite of positive growth of exports is mainly due to higher imports of products such as crude oil, electronic goods, iron and steel, chemicals, coke, fertilisers, and machinery, he said. Trade deficit with Korea, Japan, Germany, Iraq and Saudi Arabia increased to $12 billion, $7.9 billion, $6.25 billion, $20.58 billion and $22.9 billion, respectively, in 2018-19. The minister added that the government has taken several steps to boost India's exports and minimise the impact of trade deficit. India's overall trade deficit, including both goods and services, has increased to $103.63 billion in 2018-19 from $84.45 billion in the previous financial year.

Source: Mint July 03, 2019 19:52 UTC