India Trade August 2016


India: Trade deficit continues to narrow in August

September 16, 2016

Recently-released data related to India’s external sector showed that the trade deficit totaled USD 7.7 billion in August, which was a smaller shortfall than the USD 12.5 billion gap recorded in August 2015 and virtually mirrored the USD 7.8 billion shortfall in July this year. The rolling 12-month trade deficit totaled USD 95.7 billion in August, which is the smallest accumulated shortfall since 2009.

The smaller trade deficit came on the back of another double-digit contraction in imports. Imports totaled USD 29.2 billion in August, which represented a 13.5% plunge over the same month last year (July: -18.1% year-on-year).

Meanwhile, export growth returned to positive territory in August. India’s shipments abroad totaled USD 21.5 billion, which represented a 1.2% increase over the same month last year and contrasted the 6.3% plunge in July.

FocusEconomics Consensus Forecast panelists expect exports to grow 3.0% in FY 2016 to reach USD 269 billion. In FY 2017, the panel sees exports expanding 6.7% to USD 287 billion.

Author: Angela Bouzanis, Lead Economist

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India Trade Chart

India Trade12m August 2016

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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