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India: Trade deficit widens in April

May 18, 2015

More recent data related to India’s external sector showed that the trade deficit totaled USD 11.0 billion in April, which was above the USD 10.1 billion shortfall observed in the same month last year. For the 12 months up to April, the trade deficit recorded USD 137.8 billion, which was slightly above the 136.9 billion shortfall tallied in the 12 months up to March and marked the biggest deficit in four months.

The widening in the trade deficit showed that imports contracted 7.5% annually in April, which was above the 13.4% fall registered in March. The reading was largely the result of the sharp decline in oil prices. Accordingly, oil imports totaled USD 7.4 billion, which represented a 42.6% decrease compared to the same month of the previous year.

Meanwhile, exports contracted 14.0% year-on-year in April (March: -21.1% yoy).

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 April 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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