New Delhi - India’s merchandise trade deficit widened to nearly $23 billion in January, compared with $16.5 billion a year earlier, as the value of exports dropped amid subdued demand for petroleum products and global economic uncertainties.

Exports contracted by 2.4 per cent year-on-year to $36.43 billion in January, according to data released by the commerce department. In contrast, the value of imports surged 10 per cent to $59.4 billion, raising concerns over the depreciating value of the Indian rupee.

The higher value of imports was driven by items . . .