India Trade Balance September 2022


India: Merchandise exports rise at a faster pace in September

October 14, 2022

Merchandise exports increased 4.8% on an annual basis in September, following August’s 1.6% increase. Meanwhile, merchandise imports rose 8.7% over the same month last year in September (August: +37.3% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 25.7 billion deficit in September (August 2022: USD 28.0 billion deficit; September 2021: USD 22.4 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 268.2 billion deficit in September, compared to the USD 265.0 billion deficit in August.

In FY 2022, our panelists forecast that exports and imports will increase 9.0% and 18.6%, respectively, bringing the merchandise trade deficit to USD 266 billion. In FY 2023, our panelists forecast that exports will increase 0.7%, while imports will fall 1.6%, resulting in a merchandise trade deficit of USD 251 billion.


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India Trade Balance Chart

India Trade12m September 2022 0

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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