India's trade deficit narrowed sharply to USD 6.77 billion in August of 2020 from USD 13.86 billion in the same month last year, in line with market forecasts of USD 6.75 billion, amid a prolonged coronavirus lockdown. Exports sank 12.7% to USD 22.7 billion, with sales declining the most for cashew (-47.61%); gems & jewellery (-43.28%); and petroleum products). Imports went down 26% to USD 29.47 billion, mainly due to petroleum and crude (-41.62%) and machinery (-41.58%). Considering April to August, the trade gap declined to USD 20.72 billion from USD 77.25 billion a year earlier. Exports were down 26.65% and imports plunged 43.73%.
Balance of Trade in India averaged -2742.71 USD Million from 1957 until 2020, reaching an all time high of 790 USD Million in June of 2020 and a record low of -20210.90 USD Million in October of 2012. This page provides the latest reported value for - India Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. India Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Ministry of Commerce and Industry, India
Balance of Trade in India is expected to be -13200.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in India to stand at -3100.00 in 12 months time. In the long-term, the India Balance of Trade is projected to trend around -14100.00 USD Million in 2021 and -6200.00 USD Million in 2022, according to our econometric models.