Trade Monitor - India's Trade Deficit For May Falls To Eight-Month Low Of $6.3 Billion: ICICI Securities
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ICICI Securities Report
India’s trade deficit for May 2021 fell to eight-month low of $6.28 billion, more than halving from $15 billion in April 2021 but doubling from $3.15 billion twelve months ago.
In year-on-year terms, faster growth in imports (74% YoY) compared to exports (69% YoY) led to the increase in trade deficit.
However, in sequential terms, imports fell 15.7% while exports increased 5.4% leading to narrowing of trade deficit.
The sharp double-digit growth in imports and exports in the past two to three months is because of low base effect.
However, in value terms while imports are slowly reverting to their pre-pandemic mean, exports have surpassed pre-pandemic monthly average.
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