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.

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India Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-06-02 02:30 PM Balance of Trade Prel May $-23.33B $-20.11B $-19B
2022-06-15 07:30 AM Balance of Trade Final May $-24.29B $-20.11B $-23.33B
2022-07-04 08:30 AM Balance of Trade Prel Jun $-24.32B $ -26B


Related Last Previous Unit Reference
Balance of Trade -24.29 -20.11 USD Billion May 2022
Imports 63.22 60.30 USD Billion May 2022
Exports 38.94 40.19 USD Billion May 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-24.29 -20.11 0.79 -24.29 1957 - 2022 USD Billion Monthly
Current Prices, NSA

News Stream
India Posts Record Trade Deficit
India’s trade deficit widened sharply to a record high of 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 an all-time high of USD 63.22 billion amid a surge in values of purchased petroleum and crude oil on the 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.
2022-06-15
India Posts Widest Trade Gap on Record
India's trade deficit widened to USD 23.3 billion in May of 2022, the highest on record, from USD 6.5 billion in the same period last year, a preliminary estimate showed. Imports surged 56.1 percent on year to USD 60.6 billion, boosted by increased purchases of oil, non-petroleum products (+44.7 percent), particularly electronic goods and gold. In contrast, imports of coal fell amid a jump in domestic production. At the same time, exports rose by only 15.5 percent to USD 37.3 billion, driven by slight increases in sales of engineering goods (+7.8 percent), petroleum products (+52.7 percent), and gems and jewellery (+4.5 percent).
2022-06-02
India Trade Gap Widens in April
India's trade deficit was revised slightly higher to USD 20.11 billion in April of 2022, compared to a preliminary estimate of USD 20.07 billion and a USD 15.29 billion a year earlier. Imports jumped 30.97 percent year-on-year to USD 60.3 billion mostly due to increase in purchases of petroleum, crude and products (87.54%), electronic goods (32.88%); and coal, coke and briquettes (146.33%). Meanwhile, exports rose by a slightly softer 30.70 percent to USD 40.19 billion, mainly driven by sales of petroleum products (127.69%) and engineering goods (21.97%).
2022-05-13