India Trade Balance February 2020


India: Merchandise exports growth falls in February

March 15, 2021

Merchandise exports increased 1.0% in annual terms in February, on the heels of January’s solid 8.2% expansion. Meanwhile, merchandise imports rose 8.1% in annual terms in February (January: +2.1% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 12.6 billion shortfall in February (January 2021: USD 14.5 billion deficit; February 2020: USD 9.9 billion deficit). Lastly, the trend deteriorated slightly, with the 12-month trailing merchandise trade balance recording a USD 94.4 billion deficit in February, compared to the USD 91.6 billion deficit in January.

In FY 2021, our panelists forecast that exports and imports will increase 3.1% and 9.8%, respectively, bringing the merchandise trade deficit to USD 134 billion. In FY 2022, our panelists forecast that exports and imports will increase 9.8% and 10.6%, respectively, resulting in a merchandise trade deficit of USD 150 billion.


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India Trade Balance Chart

India Trade12m February 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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