India's trade deficit was revised lower to USD 19.7 billion in October, compared to a preliminary estimate of USD 19.9 billion and a USD 9.15 billion a year earlier. Imports jumped 62.5 percent year-on-year to USD 55.4 billion mostly due to increase in purchases of crude oil (140.5%). Meanwhile, exports surged at a softer 43 percent to USD 35.7 billion, mainly driven by sales of petroleum products (240 %), coffee (81%), engineering goods (51%) and cotton and handloom products (46.2%). On the downside, sales fell for iron ore (-77%), oil meals (-51%), oil seeds (-16%) and tea (-11%). During the April-October period of 2021, the trade gap widened to USD 97.85 billion, compared to USD 35.5 billion in the same period of the previous year. source: Ministry of Commerce and Industry, India
Balance of Trade in India averaged -2926.04 USD Million from 1957 until 2021, reaching an all time high of 790 USD Million in June of 2020 and a record low of -22590 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 November of 2021.
Balance of Trade in India is expected to be -18300.00 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.