India: Trade deficit widens amid contracting exports
August 7, 2012
In July, the trade balance recorded a USD 15.5 billion deficit, which was larger than the USD 14.8 billion deficit recorded in the same month last year. Imports amounted to USD 37.9 billion, which represents a 7.8% decline in annual terms and followed the 13.5% drop recorded in June. Meanwhile, exports reached USD 22.4 billion in July. The figure represents a 14.8% contraction in annual terms and follows the 5.5% decline observed in June. The reading marks, in fact, the third consecutive drop in exports, as shipments abroad continue to suffer from an adverse global environment in spite of the strong depreciation suffered by the rupee in the past months.