India Balance of Trade

Lower import bills narrowed India's trade deficit to USD 15.28 billion in June 2019.

Published by Ministry of Commerce and Industry, RBI. Updated until June 2019. (Published on July 16th, 2019)  

Note: The seasonally adjusted series has been obtained using the Eviews census X-13 procedure X-11 method of seasonal adjustment.

Recent Data Trend

India's trade deficit narrowed down to USD 15.28 billion in June 2019, compared to USD 15.36 billion in the previous month on account of lower imports.

Merchandise imports contracted by 9.1% YoY to a 4-month low of USD 40.3 billion in June, as against USD 45.4 billion in the last month. The fall in import bills is largely on account of lower crude oil prices along with a slowing economy. Oil imports shipment fell by 13.4% YoY to USD 11 billion. Lower imports of non-ferrous metals, machinery, and transport equipment suggest a slowdown in the local manufacturing sector. In addition, a negative growth of 9% YoY in non-oil and non-gold imports for the ninth consecutive month signals the overall decline in consumption demand in the economy.

Meanwhile, India's merchandise exports also contracted for the first time in 7 months by 9.7% YoY and stood at USD 25.01 billion in June 2019. Negative growth was witnessed in 21 out-of 30 major export commodities in June, indicating that escalated trade disputes and rising trade protectionism worldwide are taking a toll on India's exports. An early impact of the withdrawal of India's GSP designation can be seen in declining exports of gems and jewellry (-10.67% YoY), which is the major item of export to the US. In addition, a higher base effect is also partly responsible for lower export growth in June.

Brief Overview

The balance of trade data records the value of merchandise trade of India with its trading partners. The data on import and export of the Indian economy is published by the Ministry of Commerce on a monthly basis. Merchandise trade is a key indicator of the development of the economy. India’s largest trade partners include US, EU, and China. India has maintained an overall trade deficit since 1990 and in the past decade, the deficit has increased manifold. According to the World Trade Organization, India’s share export of merchandise goods in 2015 was 1.5%.

For more information visit the official government website

Next Release Date: August 14, 2019

Trade Balance- Quarterly

Trade Balance- Annual

Note: Here years represent fiscal years. For example, 2016 refers to the period Apr'2016-Mar'2017 and so on.

Export by Commodities

Note: The YoY% has been calculated on absolute USD values.

Import by Commodities

Note: The YoY% has been calculated on absolute USD values.

World Commodity Prices

Note: The above data has been sourced from the World Bank Pink Sheet which provides monthly data on the prices of commodities. To know more about this, visit the official website.