Indian Export Rises, Trade Deficit Soars

Bangalore: Since January some of the nations along with India have experienced a rise in their trade deficit. Countries like China, Japan and United Kingdom are facing serious problems with the increase in their imports as compared to their exports.

India’s trade deficit increased up to $184.9 billion, almost 10.6 percent of GDP which is higher than the expected because of the oil imports. The exports rose up to 21 percent but the imports went up to 32.15 percent. So the gap between the imports and exports grew to 56 percent.

After the change in long term credit rating by Standard and Poor’s (S&P), this increasing trade deficit is a matter of concern for the Indian economy. Similarly, other nations like China reported a trade deficit of $31.5 billion. Japan logged a trade deficit of $31.4 billion. National statistics office estimated the U.K. trade deficit that widened to $13.95 billion.