India’s trade deficit widened sharply to a record high USD 24.29 billion in May of 2022, compared to a preliminary estimate of USD 23.33 billion and a USD 6.53 billion gap a year ago. Imports rose 62.8 percent on year to USD 63.22 billion amid surging purchase values of petroleum, crude and other products on back of soaring commodity prices. At the same time, exports rose at a softer 20.6 percent to USD 38.94 billion, falling for the second straight month as geopolitical concerns surrounding the Russia-Ukraine war hurt shipments. source: Ministry of Commerce and Industry, India
Balance of Trade in India averaged -3.08 USD Billion from 1957 until 2022, reaching an all time high of 0.79 USD Billion in June of 2020 and a record low of -24.29 USD Billion in May of 2022. 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 July of 2022.
Balance of Trade in India is expected to be -26.00 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Balance of Trade is projected to trend around -9.60 USD Billion in 2023, according to our econometric models.