India Trade Balance September 2021

India

India: Merchandise exports jump at a softer pace in September

October 14, 2021

Merchandise exports shot up 21.2% over the same month last year in September (August: +45.8% year-on-year). September’s reading marked the softest expansion since February. Meanwhile, merchandise imports shot up 86.0% over the same month last year in September (August: +51.8% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 22.9 billion deficit in September (August 2021: USD 13.8 billion deficit; September 2020: USD 2.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 153.6 billion deficit in September, compared to the USD 133.4 billion deficit in August.

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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India Trade Balance Chart


India Trade12m September 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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