India Trade Balance March 2022


India: Merchandise exports increase in March

April 5, 2022

Merchandise exports shot up 17.2% in annual terms in March, on the heels of February’s 23.8% upturn. The figure marked the slowest expansion since February 2021. Meanwhile, merchandise imports climbed 22.1% over the same month last year in March (February: +36.8% yoy), marking the weakest result since February 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 18.7 billion deficit in March (February 2022: USD 20.9 billion deficit; March 2021: USD 13.9 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 199.4 billion deficit in March, compared to the USD 194.7 billion deficit in February.

In FY 2022, our panelists forecast that exports and imports will increase 9.5% and 9.9%, respectively, bringing the merchandise trade deficit to USD 200 billion. In FY 2023, our panelists forecast that exports and imports will increase 5.7% and 4.3%, respectively, resulting in a merchandise trade deficit of USD 203 billion.


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India Trade Balance Chart

India Trade12m March 2022

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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