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India: Trade deficit shrinks in January

February 13, 2015

More recent data related to India’s external sector showed that the trade deficit totaled USD 8.3 billion in January, which was above the USD 9.5 billion shortfall observed in the same month of the previous year. January’s result represents the lowest deficit in 11 months. In the 12 months up to January, the trade deficit recorded USD 136.9 billion, which narrowed slightly from the USD 138.1 billion shortfall recorded in the 12 months up to December.

The narrowing in the trade deficit showed that imports contracted 11.4% annually in January, which followed the 4.8% fall registered in December. The reading, which marked an eight-month low, was the result of the sharp decline in oil prices. Accordingly, oil imports totaled USD 8.25 billion, which represented a 37.5% decrease compared to the same month of the previous year.

Meanwhile, exports contracted 11.2% year-on-year in January (December: -3.8% year-on-year).

FocusEconomics Consensus Forecast panelists expect exports to increase 6.6% in FY 2014/2015, reaching USD 335 billion. In FY 2015/2016, the panel sees exports expanding 9.1% to USD 365 billion.


Author:, Senior Economist

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India Trade Chart


India Trade12m January 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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