India: October trade deficit largest on record
November 12, 2012
In October, exports contracted 1.6% over the same month last year in USD terms, which was less than the 10.2% drop registered in September. That said, the figure represented the sixth consecutive decline in exports. As a result, in the 12 months up to October, exports contracted 4.0% over the same period the previous year (September: -2.0% year-on-year). Meanwhile, imports expanded 7.4% in October, which was above the 5.2% rise recorded in September. As a result, imports grew 8.0% in annual terms in the last 12 months (September: +9.5% yoy). The trade deficit reached USD 21.0 billion in October, the largest on record. As a result, the 12-month moving sum of the trade balance reached USD192 billion, larger than the USD 188 billion recorded in September.