External Trade - Trade deficit widens on higher crude:: Edelweiss (PDF link)

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Trade deficit widened to ~USD14.8bn in January 2012 compared to ~USD12.7bn in December 2011 on account of higher crude imports as non-oil trade deficit remained stable at USD2.5bn. Notably, sequential momentum in both imports and exports has posted a healthy uptick in the past two-three months which is consistent with the recent improvement in industrial activity (e.g., IIP, PMI etc.). In April-January FY12, trade deficit has already clocked ~USD148bn versus ~USD106bn in the corresponding period last year. Going forward, monthly trade  deficit is expected to be around current levels, which means that FY12 trade deficit will likely be in the range of ~USD175-180bn.

External Trade - Trade deficit widens on higher crude