India’s international trade grew for a 20th straight month in April after exports rebounded to a 5% growth from 0.4% reversal in March. That followed a similar rebound seen in China and outperformed South Korea’s slump. Yet, import growth slowed to 5%, its slowest rate since December 2016. Taking out energy imports there was actually a decline of 5% in all other products. That’s likely related to increased costs associated with “Make in India” tariffs. They may be removed in the longer-term under an RCEP trade deal, but will continue to drag on activity for now.