India: Exports slump continues
November 1, 2012
In September, exports contracted 10.8% over the same month last year in USD terms, which slightly exceeded the 9.7% drop registered in August. As a result, in the 12 months up to September, exports contracted 1.3% over the same period the previous year (August: +3.4% year-on-year). Meanwhile, imports expanded 5.1%, contrasting the 5.1% drop recorded in August. As a result, imports grew 11.0% in annual terms in the last 12 months (August: +13.4% yoy). The trade deficit reached USD 18.1 billion in September. As a result, the 12-month moving sum of the trade balance reached USD 187 billion in September, which was larger than the USD 182 billion gap recorded in August.