India's trade deficit narrowed to USD 10.89 billion in March 2019 from USD 13.51 billion in the same month last year, slightly above market expectations of USD 10.3 billion. Exports increased 11.02 percent to USD 32.55 billion, boosted by sales of organic & inorganic chemicals (16.98%), engineering goods (16.27%), RMG of all textiles (15.13%), drugs & pharmaceuticals (13.59%), and petroleum products (6.55%). Meanwhile, imports rose at a much slower 1.44 percent to USD 43.44 billion, due mainly to purchases of oil (5.55%), while declines were seen in major commodity groups: coal, coke & briquettes (-14.85%); organic & inorganic chemicals (-6.35%); machinery, electrical & non-electrical (-5.74%); electronic goods (-5.69%); and pearls, precious & semi-precious stones (-1.03%). Considering April to March 2018-19, the trade gap widened to USD 176.42 billion from USD 162.05 billion in the same period of the previous fiscal year. Balance of Trade in India averaged -2564.93 USD Million from 1957 until 2019, reaching an all time high of 258.90 USD Million in March of 1977 and a record low of -20210.90 USD Million in October of 2012.
Balance of Trade in India is expected to be -15759.63 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 -17000.00 in 12 months time. In the long-term, the India Balance of Trade is projected to trend around -14100.00 USD Million in 2020, according to our econometric models.