India’s Trade Trouble: Deficit Increases 175% On High Oil Prices

India's trade deficit was USD 19.7 billion in October, compared to a preliminary estimate of USD 19.9 billion.
Last October it was less than half at USD 9.15 billion. During April to October period this year the trade deficit was at USD 97.8 billion compared to only USD 35.5 billion in 2020 as the country limped out of a devastating lockdown.


In 2020 petroleum products more than 27% of all major imports in India. With crude prices expected to remain higher this year, the chances of trade deficit declining are considerably low.
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