India Trade Deficit – June 2012

India’s exports have ticked down 2% for the first half as June Exports reported a downtick of 5.45% at $25.1B Imports were up in April and May on daily crude buying but June imports ticked down to $35 B for a one off relief.  India does not seasonally trend Trade or any other Economic data series. The Trade Deficit for the AMJ Quarter was a $46.2 B last year and this year the data is $40B with May reporting a deficit of $13.25 B on better Exports and April being near the monthly danger marks of $16B . India’s January 2012 BOP was indeed in a deficit as repored last month

Oil imports grew 24% in June from last year while month on month, the bill went down by $2 B If the latest data is to be believed, the ban on Gold and Silver imports wll hardly offer relief when the Oil bill increases the deficit again in two months out of three int he next quarter as they were $4.3 B only in May and below $2 B in June. The increase of 24% is attributed to the 24% depreciation in the rupee from 44 levels in July/August 2011 and 22.7% (44.72 to 54.9) from June 2011

A $16B deficit was reported for May at the beginning of the month with Imports at $42B

 

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