India Trade Balance November 2020


India: Merchandise exports fall at a sharper pace in November

December 15, 2020

Merchandise exports sank 8.7% annually in November, on the heels of October’s 5.1% dive. Meanwhile, merchandise imports slid 13.3% in annual terms in November (October: -11.5% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 9.9 billion deficit in November (October 2020: USD 8.7 billion; November 2019: USD 12.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 88.7 billion deficit in November, compared to the USD 91.5 billion deficit in October.

In FY 2020, our panelists forecast that exports and imports will decrease 10.9% and 20.6%, respectively, bringing the merchandise trade deficit to USD 92 billion. In FY 2021, our panelists forecast that exports and imports will increase 13.9% and 20.8%, respectively, resulting in a merchandise trade deficit of USD 130 billion.


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India Trade Balance Chart

India Trade12m November 20 20

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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