India Trade January 2017


India: Trade deficit widens in January

February 15, 2017

Recently released data related to India’s external sector showed that the trade deficit totaled USD 9.8 billion in January, which was a greater shortfall than the USD 7.7 billion gap recorded in January 2016 (December 2016: USD 10.4 billion deficit). The rolling 12-month trade deficit widened from USD 95.9 billion in December to USD 98.0 billion in January.

The deterioration in trade data came on the back of a strong expansion in imports and a downturn in exports growth. Imports totaled USD 32.0 billion in January, which represented a robust 10.7% increase from the same month of the previous year (December 2016: +0.5% year-on-year; January 2016: -10.5% yoy).

Meanwhile, exports growth fell slightly from December’s 5.7% to 4.3% (January 2016: -13.1% yoy). January was the sixth consecutive month of exports growth and saw India’s shipments abroad total USD 22.1 billion.

FocusEconomics Consensus Forecast panelists expect exports to grow 2.2% in FY 2016 to reach USD 268 billion. In FY 2017, the panel sees exports expanding 5.9% to USD 283 billion.

Author:, Economist

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India Trade Chart

India Trade12m January 2017

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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