India Trade Balance January 2020


India: Merchandise exports rebound robustly in January

February 15, 2021

Merchandise exports increased 8.2% in annual terms in January, on the heels of December’s 0.8% fall. Meanwhile, merchandise imports rose 2.1% in annual terms in January (December: -10.3% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 14.5 billion shortfall in January (December 2020: USD 15.4 billion; January 2020: USD 15.8 billion deficit). Lastly, the trend also improved slightly, with the 12-month trailing merchandise trade balance recording a USD 91.6 billion deficit in January, compared to the USD 92.9 billion deficit in December.

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 January 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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