India’s international trade growth slowed in November to just 2.9% on a year earlier vs. 14.9% in the prior three months and the slowest since Dec. 2016. Both imports and exports fell, though a 3.0% drop in non-oil imports – oil rose 41.3% on higher prices and demand – suggests that “Make in India” tariffs designed to promote domestic manufacturing are working. Indeed imports of electronics, where most tariffs are focused, rose by just 0.3%. The slowing growth overall mirrors a similar trend seen in South Korea and China and may extend once the recent drop in oil prices takes effect.