India’s trade boom continued for a 17th straight month after January exports and imports climbed 20%. The expansion in imports of 27% outstripped exports for a third month, leading the trade deficit to the highest since May 2013. One driver was a 41% rise in commodities due to increased pricing and demand. Just as important was a rise in all other imports of 20%, including a 27% rise in machinery imports. That may have been the result of buyers seeking to preempt the new “Make In India” oriented tariffs introduced in the new budget. As these take effect imports will likely fall.