India's trade deficit widened to 10-month high of $29.7 billion in August as imports hit a record high of $64.4 billion on doubling of gold inflows, and exports contracted for the second month in a row to $34.7 billion due to softening of oil prices and muted global demand.
Merchandise exports contracted 9.3 per cent to $34.7 billion in August. Other factors that affected merchandise exports included a slowdown in China, falling petroleum prices, recession in advanced economies and transportation- and logistics-related challenges.
"In the current global situation, exports have been a huge challenge... there is a slowdown in China, and recession is persisting in Europe and the US. Transportation cost because of trade routes getting diverted from Suez Canal to Cape of Good Hope is an issue, which is persisting," Commerce Secretary Sunil Barthwal told reporters on Tuesday.
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