India Trade


India: Trade deficit narrows in November

December 18, 2015

Recently released data related to India’s external sector showed that the trade deficit totaled USD 9.8 billion in November, which was a smaller shortfall over the USD 16.9 billion deficit observed in the same month last year. For the 12 months up to November, the trade deficit recorded USD 123.9 billion, which was a smaller shortfall than the 131.0 billion deficit tallied in the 12 months up to October.

The narrowing in the trade deficit showed that imports contracted a notable 30.3% annually in November, which marked the largest fall in over six years. The figure followed October’s 21.2% drop. November’s fall was largely the result of the low oil-price environment. Accordingly, oil imports totaled USD 6.4 billion, which represented a 45.0% decrease compared to the same month of the previous year.

Meanwhile, exports fell 24.4% in November, which was a more pronounced fall than October’s 17.5% contraction. November’s result marked the largest contraction since July 2009.

FocusEconomics Consensus Forecast panelists expect exports to contract 5.3% in FY 2015, reaching USD 292 billion. In FY 2016, the panel sees exports expanding 8.7% to USD 318 billion.

Author: Angela Bouzanis, Lead Economist

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India Trade Chart

India Trade12m November 2015

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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