June 17, 2013 1:52 PM

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Trade deficit for May widens to $20.1 bn

The trade deficit for the month of May widened to 20.1 billion dollars on account of high imports of cheaper gold, increasing pressure on the current account balance.Trade data released today shows a rise in imports for the month of April-May by 6.99 per cent in Dollar terms at 44.65 billion dollars while exports declined by 1.11 per cent to 24.51 billion dollars.The oil imports were reported at 15 billion dollars, up 3.05 per cent year-on-year. Gold, silver imports were up 89.7 per cent year-on-year at 8.9 billion dollars. The imports of the two precious metals more than doubled in April-may to 15.88 billion dollars.Commerce Secretary S R Rao said that the high trade deficit on account of an increase in gold and silver import is worrisome.

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