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India Balance of Trade

Last Release
Aug 31, 2023
Actual
-24.2
Units In
USD Million
Previous
-20.67
Frequency
Monthly
Next Release
Oct 13, 2023
Time to Release
25 Days 21 Hours
Highest
Lowest
Average
Date Range
Source
0.79
Jun 2020
-30
Jul 2022
-3.45 USD Million1957-2023N/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 posted a merchandise trade deficit of USD 24.2 billion in August 2023, the largest gap in ten months and above market expectations of USD 21 billion, mainly due to increased oil prices and a weaker rupee, which raised the import costs. Additionally, elevated commodity prices and weakening foreign demand have put pressure on exports. Imports fell by 5.2% year-on-year to USD 58.64 billion and exports declined by 6.9% to USD 34.48 billion. For the April-August period, merchandise exports fell about 5% year-on-year to USD 306.33 billion, while imports fell 10% to USD 343.81 billion.

India Balance of Trade History

Last 12 readings

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