India’s trade statistics showed: a) A trade deficit of $10.4 billion that’s about flat from the previous month b) a 16% drop in imports and a 20% drop in exports (whoa). Worrisome: Non oil imports also drop Crude oil imports were lower than last year due to the drop in crude. But we saw a fall in Non oil imports. Note that Gold imports went up , so obviously its the other stuff that dropped. Oil imports have ticked up from the previous month, but as you can see, non-oil imports have fallen to where they have contracted from a year earlier. Tragic: Total Trade drops 18% While the “flat” deficit is probably good news, it’s not really good that we’re now trading substantially lower than a year ago. As much as 18% below last year’s levels (imports+exports). (Feb was low, but then it had only 28 days). May with 31 days has no such excuse.… (Read On…)
[via Capital MindCapital Mind]
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