India Balance of Trade

Last Release

Nov 30, 2024

Actual

-37.84

Units In

USD Million

-27.1

Frequency

Monthly

Next Release

Jan 15, 2025

Time to Release

28 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
0.79 Jun 2020	-37.84 Nov 2024	-3.81 USD Million	1957-2024	N/A

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.

Latest Updates

The merchandise trade deficit in India was at $37.8 billion in November of 2024, the highest on record, widening sharply from the $20.6 billion shortfall from the corresponding period of the previous year, and well ahead of expectations that centered around a $23 billion deficit. Imports soared by 27% from the previous year to $69.95 billion, also a record high. In turn, exports dropped by 5.3% annually to $32.1 billion, the lowest in two years.