India Trade Balance June 2021


India: Merchandise export growth moderates in June

July 15, 2021

Merchandise exports jumped 48.2% in annual terms in June, following May’s 69.4% upturn. Meanwhile, merchandise imports shot up 98.3% over the same month last year in June (May: +73.6% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 9.4 billion shortfall in June (May 2021: USD 6.3 billion deficit; June 2020: USD 0.8 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 120.2 billion deficit in June, compared to the USD 110.0 billion deficit in May.

In FY 2021, our panelists forecast that exports and imports will increase 14.1% and 26.0%, respectively, bringing the merchandise trade deficit to USD 159 billion. In FY 2022, our panelists forecast that exports and imports will increase 8.4% and 8.6%, respectively, resulting in a merchandise trade deficit of USD 173 billion.


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India Trade Balance Chart

India Trade12m June 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-sum of exports and imports in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.

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