India Trade

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India: Trade deficit rises in March

April 20, 2015

More recent data related to India’s external sector showed that the trade deficit totaled USD 11.8 billion in March, which was above the USD 11.0 billion shortfall observed in the same month last year. For the fiscal year 2014/2015, the trade deficit recorded USD 136.9 billion, which mirrored the previous fiscal year’s shortfall.

The widening in the trade deficit showed that imports contracted 13.4% annually in March, which followed the 15.7% fall registered in February. The reading was largely the result of the sharp decline in oil prices. Accordingly, oil imports totaled USD 7.4 billion, which represented a 52.7% decrease compared to the same month of the previous year.

Meanwhile, exports contracted 21.1% year-on-year in March (February: -15.0% year-on-year).

FocusEconomics Consensus Forecast panelists expect exports to increase 6.3% in FY 2015/2016, reaching USD 347 billion. In FY 2016/2017, the panel sees exports expanding 9.7% to USD 381 billion.


Author: Angela Bouzanis, Senior Economist

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India Trade Chart


India Trade12m March 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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