India Trade deficit surprises on the downside @ USD 20.58 bn

 India recorded a merchandize trade deficit of $ 20.58 bn below consensus est of a reading of $ 23.60 bn and sharply lower than previous month reading of $ 31.46 bn. During this period, exports remained steady at $ 33.90 bn (+ ~1% mom) and Imports sharply decelerated to $ 54.48 bn from previous $ 65 bn (- 16% mom). FYTD this corresponds to $170 bn of merchandize trade deficit. Corresponding period previous year recorded a trade deficit of $ 189 bn. For this FY, Per month average Merchandize Trade Deficit is at ~ $ 21 bn.