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April trade deficit jumps on huge gold imports

Source : REUTERS
Last Updated: Mon, May 13, 2013 08:18 hrs
Saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Agartala

India's April trade deficit leapt to $17.8 billion, a trade ministry official said, on a massive surge in imports of cheaper gold that will increase concerns about the current account deficit in Asia's third largest economy.

Gold and silver imports were up by 138 percent to $7.5 billion last month compared to a year earlier, as retail consumers in the world's biggest gold importer went on a buying spree after global prices fell.

Overall, merchandise imports rose 10.9 percent to $41.95 billion, trade ministry officials said on Monday, driving the trade deficit up by more than 72 percent from March.

Exports rose 1.6 percent from a year earlier to $24.16 billion, up for the fourth straight month.

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