India Trade Balance August 2021


India: Merchandise export growth ticks down in August, but remains upbeat

September 14, 2021

Merchandise export growth eased to 45.8% on an annual basis in August (July: +49.9% year-on-year). Meanwhile, merchandise imports increased 51.8% in annual terms in August (July: +63.0% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 13.8 billion deficit in August (July 2021: USD 11.0 billion deficit; August 2020: USD 8.2 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 133.4 billion deficit in August, compared to the USD 127.8 billion deficit in July.

In FY 2021, our panelists forecast that exports and imports will increase 21.7% and 32.4%, respectively, bringing the merchandise trade deficit to USD 1644 billion. In FY 2022, our panelists forecast that exports and imports will increase 6.0% and 8.6%, respectively, resulting in a merchandise trade deficit of USD 187 billion.


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India Trade Balance Chart

India Trade12m August 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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