India’s international trade activity increased 5.3% year over year in March. While imports returned to growth with an increase of 1.4% that was solely due to raised oil imports. Exports meanwhile surged 11.0% higher, the best since October, and did even better when excluding energy. India joins China in reporting improved export growth and lackluster import growth. That suggests the emergence of a two-speed export economy globally. Two-thirds of countries that have reported export data for March have shown a year over year decline, up from 60% in February.