India's trade deficit was revised lower to USD 22.59 billion in September, compared to a preliminary estimate of USD 22.94 billion and a USD 2.72 billion gap a year earlier. Still, it was the biggest trade deficit on record as imports grew much faster than exports. Imports surged 84.77 percent to USD 56.39 billion, mostly due to purchases of crude oil (199.3 percent), as oil prices roughly doubled in the last 12 months. Meanwhile, exports rose at a much slower 22.63 percent to USD 33.79 billion, mainly driven by sales of coffee (62.6 percent); cashew (49.4 percent); petroleum products (47.9 percent); cotton & handloom products (40.5 percent); engineering goods (36.8 percent); and organic & inorganic chemicals (29.7 percent). On the downside, sales fell significantly for Iron ore (-72.8 percent) and oil meals (-39.1 percent). During the April-September period of 2021, the trade deficit widened to US 78.13 billion, compared to USD 26.31 billion in the same period of the previous year. source: Ministry of Commerce and Industry, India
Balance of Trade in India averaged -2903.97 USD Million from 1957 until 2021, reaching an all time high of 790 USD Million in June of 2020 and a record low of -22600 USD Million in September of 2021. 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 October of 2021.
Balance of Trade in India is expected to be -12300.00 USD Million 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 -7200.00 USD Million in 2022 and -9600.00 USD Million in 2023, according to our econometric models.