India Trade Balance October 2021


India: Merchandise exports gain steam in October

November 10, 2021

Merchandise exports shot up 42.5% annually in October (September: +22.6% year-on-year). Meanwhile, merchandise imports soared 64.7% over the same month last year in October (September: +84.8% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 19.9 billion shortfall in October (September 2021: USD 22.6 billion deficit; October 2020: USD 8.7 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 164.4 billion deficit in October, compared to the USD 153.3 billion deficit in September.

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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