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Charts & Analysis

Charts: Trade Deficit for Sep 2014 Jumps 40%, Biggest in 16 Months

India’s export situation went a little weird in September, with the deficit going up 40% to $14 bn (for the month). This is the biggest deficit since May 2013, when we had a record level of gold imports.

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Imports grew 26% while exports went up by only 2.7%!

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It wasn’t just oil – while oil imports went up 10%, non-oil imports were up more than 36%!

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Hopefully this is a one-off piece of data. Otherwise even the fall of the crude price will not help us too much! The rupee is now under some serious pressure, and increasing imports/slowing export growth does not look good.