India Balance of Trade

Last Release

Oct 31, 2024

Actual

-27.1

Units In

USD Million

-20.8

Frequency

Monthly

Next Release

Dec 16, 2024

Time to Release

30 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
0.79 Jun 2020	-31.46 Oct 2023	-3.77 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 $27.1 billion in October of 2024, narrowing from the $31.5 billion gap in the corresponding period of the previous year, which still stands as India’s record-high deficit, but well above market expectations of a $22 billion deficit. Exports rose by 17.3% from the corresponding period of the previous year to $39.2 billion, aided by the sharp growth in India’s goods output. In turn, imports rose by 3.9% to $66.3 billion, a record high.