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India: Trade deficit shrinks in February

March 16, 2015

More recent data related to India’s external sector showed that the trade deficit totaled USD 6.8 billion in February, which was below the USD 8.3 billion shortfall observed in the same month last year. February’s result represents the lowest deficit in 17 months. In the 12 months up to February, the trade deficit recorded USD 135.6 billion, which narrowed slightly from the USD 137.1 billion shortfall recorded in the 12 months up to January.

The narrowing in the trade deficit showed that imports contracted 15.7% annually in February, which followed the 11.4% fall registered in January. The reading, which marked a 12-month low, was largely the result of the sharp decline in oil prices. Accordingly, oil imports totaled USD 6.10 billion, which represented a 55.5% decrease compared to the same month of the previous year.

Meanwhile, exports contracted 15.0% year-on-year in February (January: -11.2% 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:, Senior Economist

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India Trade Chart


India Trade12m February 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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