India Trade and Revenue Deficit Data – May 2012

Exports continue to consolidate at May figures above $25.5 B. imports are consistent with this year’s degrowth at $ 41.9B and the trade deficit at $16B may mean more weakness for the rupee though policy measures are in place

Jewelery exports are hardly down 9%, ready made garments hit by lack of demand in Europe, and petroleum products 26% apart from the known lack of traction in engineering goods. However imports are down too and the $16.9 B deficit is a relief.

Indirect Tax collections were up 16% till April with Service tax collections for the month up 45% on the year to the new target of 1T

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