India Trade September 2019


India: Exports and imports both decrease in September

October 15, 2019

Merchandise exports declined for the second consecutive month in September, dropping 6.6% compared to the same month a year earlier and amounting to USD 26.0 billion (August: -6.0% year-on-year). Merchandise imports also decreased in September, and for the fourth month running; imports of goods dropped 13.9% in September and amounted to USD 36.9 billion, largely due to fewer imports of coal, oil and gems (August: -13.4% year-on-year).

The merchandise trade deficit narrowed to USD 10.9 billion in September, down from both the USD 15.0 billion shortfall in the same month a year earlier and the USD 13.5 billion deficit in August. The 12-month trailing sum of the trade deficit shrank to USD 165.8 billion in September, down from USD 169.9 billion in August.

Our panelists forecast that exports will expand 5.7% in FY 2019 and imports will rise 4.9%, bringing the merchandise trade deficit to USD 189.0 billion. In FY 2020, we expect exports and imports will expand 8.8% and 6.9% respectively, which would result in a merchandise trade deficit of USD 189.0 billion.

Author:, Economist

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India Trade Chart

India Trade12m September 2019

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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