India

India Merchandise Imports

India Merchandise Imports

Merchandise Imports in India

Merchandise imports in India were worth USD 720 billion in 2024, compared to USD 448 billion ten years earlier, and they averaged USD 526 billion over the last decade. For more information on imports, visit our dedicated page.

India Merchandise Imports Chart

Note: This chart displays Imports (USD billion) for India from 2017 to 2024.
Source: Macrobond.

India Merchandise Imports Data

2020 2021 2022 2023 2024
Merchandise Imports (USD bn) 394 613 716 678 720
Merchandise Imports (ann. var. %) -16.9 55.4 16.8 -5.3 6.2

Merchandise exports rebound in July; U.S. talks in focus

Latest reading: Merchandise exports rose 7.3% in annual terms in July, on the heels of June’s 0.1% decrease. Meanwhile, merchandise imports climbed 8.6% over the same month last year in July (June: -3.7% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 27.4 billion deficit in July (June 2025: USD 18.8 billion deficit; July 2024: USD 24.8 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 290.4 billion deficit in July, compared to the USD 287.8 billion deficit in June.

Outlook: Key to the outlook for goods exports ahead will be trade talks with the U.S.; in early August, the U.S. hit India with an additional 25% tariff for buying Russian oil, bringing total levies up to 50%.

Panelist insight: On the impact of current U.S. tariffs, EIU analysts said: “We still believe that a bilateral trade agreement of some form will manifest in the months ahead, with complicated issues left for future discussions […]. If the 50% tariff on India remains in place for the rest of fiscal year 2025/26 (April-March), we believe that it will reduce GDP growth to 5.8%, from our current forecast of 6.2% (under the baseline 25% tariff rate).”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian merchandise imports projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise imports forecast available for Indian merchandise imports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian merchandise imports projections.

Want to get access to the full dataset of Indian merchandise imports forecasts? Send an email to info@focus-economics.com.

Latest Global Trade News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Email Team Member Linkedin Team Member Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Fullscreen Line Chart Globe Download Share