India Trade

India Trade

Merchandise Trade Balance in India

The merchandise trade balance in India averaged USD -157 billion in the decade to 2022. The 2022 reading was USD -272 billion. For more trade information, visit our dedicated page.

India Trade Chart

Note: This chart displays Trade Balance (USD billion) for India from 2013 to 2022.
Source: Ministry of Commerce & Industry India.

India Trade Data

2018 2019 2020 2021 2022
Merchandise Trade Balance (USD bn) -184 -161 -100 -191 -272

Merchandise exports rise at a quicker pace in January

Merchandise exports shot up 12.2% on an annual basis in January (December: +11.5% year-on-year). The outturn marked the fastest increase since June 2022. Meanwhile, merchandise imports climbed 7.4% on an annual basis in January (December: +0.0% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 17.5 billion shortfall in January (December 2023: USD 19.8 billion deficit; January 2023: USD 17.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 248.2 billion deficit in January, compared to the USD 248.4 billion deficit in December.

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 trade projections for the next ten years from a panel of 6 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 trade forecast available for Indian trade.

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

Want to get access to the full dataset of Indian trade forecasts? Send an email to

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