India's trade deficit narrowed to US$80.1b

Exports up 5.1% to US$152b.

According to Maybank Kim Eng, India reported sharp deceleration in trade deficit to US$80.1bn (-13% YoY) for 1HFY14.

Here's more from Maybank:

India’s exports grew 5.1% to US$152bn and imports fell 1.8% to US$232bn for the same period. The Sep’13 trade deficit of US$6.8bn was at a low point compared with US$20bn in May’13. Oil imports have been stable, but non-oil imports fell during 1H.

The trade deficit improved also because of strong measures to curb import of gold and silver. The government is now more upbeat about managing the current account deficit to less than targeted US$70bn for FY14.

If the trade deficit continues to sustain these levels then it will eventually stabilize INR vs the USD, which has depreciated by 12% this year.

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