India Trade Balance April 2022


India: Merchandise exports rise at a faster pace in April

May 13, 2022

Merchandise exports soared 30.7% annually in April (March: +19.8% year-on-year), chiefly on the back of rising shipments of food and grains. Meanwhile, merchandise imports shot up 31.0% on an annual basis in April (March: +24.2% yoy), mostly due to higher prices for imported crude oil.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 20.1 billion shortfall in April (March 2022: USD 18.5 billion deficit; April 2021: USD 15.3 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 204.3 billion deficit in April, compared to the USD 199.3 billion deficit in March.

In FY 2022, our panelists forecast that exports and imports will increase 7.3% and 10.2%, respectively, bringing the merchandise trade deficit to USD 232 billion. In FY 2023, our panelists forecast that exports and imports will increase 3.5% and 0.7%, respectively, resulting in a merchandise trade deficit of USD 221 billion.


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India Trade Balance Chart

India Trade12m April 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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