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Investing.com -- India's trade deficit expanded last month, according to data released by the trade ministry on Monday, as the country's import bill increased due to a rapidly falling currency.
The gap between exports and imports stood at $23 billion in January, a significant increase from the $21 billion deficit forecast by economists in a Bloomberg survey.
The figure also marked an increase from the $21.94 billion deficit recorded in December.
Exports in January fell by 2.4% to $36.43 billion from the same period a year earlier. On the other hand, imports rose by 10.3%, reaching $59.42 billion.
The rise in imports and the fall in exports have contributed to the widening of the trade gap.
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