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.

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India Balance of Trade


Calendar GMT Actual Previous Consensus TEForecast
2021-11-01 01:20 PM Balance of Trade Prel Oct $-19.9B $-22.6B $-21B
2021-11-15 11:50 AM Balance of Trade Final Oct $-19.72B $-22.6B $-19.9B $-19.9B
2021-12-03 12:20 PM Balance of Trade Prel Nov $-19.72B $-22B


Related Last Previous Unit Reference
Balance of Trade -19720.00 -22590.00 USD Million Oct/21
Imports 55370.00 56390.00 USD Million Oct/21
Exports 35650.00 33790.00 USD Million Oct/21

News Stream
India Trade Gap Widens in October
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.
2021-11-15
India Posts 2nd Largest Trade Gap in October
India’s trade deficit widened markedly to USD 19.9 billion in October of 2021, from USD 9.2 billion in the same period last year, a preliminary estimate showed. It was the second largest trade gap on record, as the economy continued to follow the path for recovery from the pandemic. Imports soared 62.5 percent to USD 55.4 billion, mostly driven by foreign purchases of oil, gold, and coal, while exports rose at a slower 42.3 percent to USD 35.5 billion. Non-petroleum imports increased 45.8 percent to USD 40.9 billion, while non-petroleum exports rose 29.6 percent to USD 30.3 billion.
2021-11-01
India Posts Record Trade Deficit
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.
2021-10-14

India Balance of Trade
India has been recording sustained trade deficits since 1980 mainly due to the strong imports growth, particularly of mineral fuels, oils and waxes and bituminous substances and pearls, precious and semi-precious stones and jewelry. In recent years, the biggest trade deficits were recorded with China, Switzerland, Saudi Arabia, Iraq and Indonesia. India records trade surpluses with the US, United Arab Emirates, Hong Kong, United Kingdom and Vietnam.