India Balance of Trade

Last Release

Mar 31, 2024

Actual

-15.6

Units In

USD Million

-18.7

Frequency

Monthly

Next Release

May 15, 2024

Time to Release

29 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
0.79 Jun 2020	-31.46 Oct 2023	-3.6 USD Million	1957-2024	N/A

India has been recording sustained trade deficits since 1980 mainly due to the strong imports growth, particularly of mineral fuels, oils and waxes and bituminous substances and pearls, precious and semi-precious stones and jewelry. In recent years, the biggest trade deficits were recorded with China, Switzerland, Saudi Arabia, Iraq and Indonesia. India records trade surpluses with the US, United Arab Emirates, Hong Kong, United Kingdom and Vietnam.

Latest Updates

India's merchandise trade deficit narrowed to $15.6 billion in March 2024 from a $18.1 billion gap a year earlier, and compared to market forecasts of an $18.8 billion shortfall. Exports edged down 0.7% year-on-year to $41.7 billion, a fresh high level since March 2023. Imports declined at a faster 4.5% to $57.28 billion, helped by lower gold purchases. Gold imports fell to $1.5 billion in March from $3.3 billion a year ago.