The October monthly deficit climbed to a $20.96B in India even as larger trade behemoths with monthly export volumes of $160-180 B in China and US returned higher surpluses ($32.5B) and lower deficits ($41.9B) spurred by jumps in Exports.
Indian data is ofcourse skewed by both the rush for Oil purchases and a downtick in imports not just in Europe but in US and most other India customers. While the European contraction is worrisome on an aggregate basis most global trade volume has been replaced by other categories for other customers. However Capital Goods trade remains one of the most severely affected led by downtick in such Exports from Europe (Germany) and Japan
Indian Imports rose $7.5 B for the month and the Rupee as expected inched towards the 55 levels. Indian IIP has been trending at lower levesl since the Global trade contraction picked up force in mid 2011
- Did The Global Trade Collapse Just End? (businessinsider.com)
- Slump in exports widens trade deficit with China (thehindu.com)
- India Morning Report: Markets to follow up another uptick from 5650 (awardz.wordpress.com)
- India Currency Report: Rupee crosses 54 out again (awardz.wordpress.com)
- India, China renew push to bridge deficit ahead of trade talks (thehindu.com)