In May, the trade balance incurred a deficit of USD 15.0 billion, according to provisional data released on 1 July. The print marked a significant deterioration over the USD 10.0 billion deficit recorded in the same month last year and was not far from the historical deficit of USD 15.8 billion incurred in August 2008. The widening of the trade deficit was mainly driven by skyrocketing imports, which increased 54.1% over the same month last year to reach a record USD 40.9 billion. The print was driven by a surge in non-oil imports, which expanded a stellar 71.0% year-on-year, while oil imports increased 18.6%. Exports also expanded robustly, increasing 56.9% over the same month last year to reach USD 25.9 billion. As a result, the moving 3-month sum rose to 44.8% over the same period last year, which was slightly above the 42.5% expansion observed in April and well above the 3-month sum of imports, which rose 28.0% (April: +17.7% yoy). The government set a target of USD 500 billion for the fiscal year 2013/14, which is approximately twice the current level of exports.
India Trade Balance
Trade deficit widens as imports skyrocket in May
July 1, 2011
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India Economic News
October 17, 2016
Recently-released data related to India’s external sector showed that the trade deficit totaled USD 8.3 billion in September, which was a smaller shortfall than the USD 10.2 billion gap recorded in September 2015 (August 2016: USD 7.7 billion deficit).
October 15, 2016
In September, consumer prices fell 0.23% from the previous month, which followed August’s flat growth.
October 12, 2016
The fall in industrial production moderated in August, after recording the largest contraction since November 2015 in July.
October 5, 2016
Activity in India’s manufacturing sector lost steam in September.
October 4, 2016
The newly facelifted Reserve Bank of India (RBI) decided to ease monetary policy at a scheduled meeting on 4 October, cutting the repurchase rate from 6.50% to 6.25%—an over five-year low.