India Trade Balance September 2020


India: Merchandise exports rebound in September

October 15, 2020

Merchandise exports grew 6.0% year-on-year in September (August: -13.1% year-on-year). In contrast, merchandise Imports plummeted 17.8% on an annual basis in September (August: -25.5% yoy).

As a result, merchandise trade balance improved, recording a USD 2.7 billion shortfall in September (August: USD 6.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 92.6 billion deficit in September, compared to USD 100.7 billion deficit in August.

Our panelists forecast that exports and imports will decrease 14.3% and 24.0% in FY 2020, respectively, bringing the merchandise trade deficit to USD 94.0 billion. In FY 2021, our panel projects exports and imports to increase 12.3% and 21.0%, respectively, resulting in a merchandise trade deficit of USD 128.0 billion.

Author:, Economist

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India Trade Balance Chart

India Trade12m September 20 20

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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