India Trade Balance November 2021


India: Merchandise exports growth moderates notably in November

December 10, 2021

Merchandise exports rose 27.0% annually in November (October: +43.2% year-on-year). Meanwhile, merchandise imports soared 59.2% over the same month last year in November (October: +64.7% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 23.3 billion shortfall in November (October 2021: USD 19.7 billion deficit; November 2020: USD 9.9 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 177.7 billion deficit in November, compared to the USD 164.3 billion deficit in October.

In FY 2021, our panelists forecast that exports and imports will increase 30.8% and 38.9%, respectively, bringing the merchandise trade deficit to USD 1634 billion. In FY 2022, our panelists forecast that exports and imports will increase 10.8% and 12.7%, respectively, resulting in a merchandise trade deficit of USD 191 billion.


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India Trade Balance Chart

India Trade12m October 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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