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Anand Rathi Report
Improvements in non-oil exports is the key positive of July 2020 trade data, indicating normalisation of the economy.
The higher oil trade deficit and accelerated gold imports are concerns. After recording a trade surplus in June 2020 – the first time since January 2002 – India registered a modest trade deficit ($4.8 billion) in July 2020.
Both oil imports and exports contracted in July 2020. The extent moderated for oil imports (down 55% in June 2020 to 32% in July 2020) while that for oil exports intensified (down 32% to down 49%). The oil account deficit widened by $1.8 billion.
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