India export growth slumps 9.7%

This is following a 14.8% contraction in July.

According to Nomura, India‟s exports contracted for the fourth straight month, by 9.7% y-o-y in August, following a 14.8% contraction in July.

Here's more from Nomura:

Imports contracted 5.1% y-o-y in August after a 7.6% decline in July. With exports falling more than imports, the trade deficit widened to USD15.7bn in August from USD15.5bn in July.

We expect India‟s current account deficit to narrow to 3.2% of GDP in FY13 (year ending March 2013) from 4.2% of GDP in FY12, but still remaining above the sustainable levels of around 2.5% of GDP, as weak external demand and higher oil prices are partly offsetting the benefits from a weaker currency.

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