Latest reading: In December, the trade balance was USD +2.4 billion, following a USD +0.7 billion reading in the prior...
Merchandise Exports in India
Merchandise exports were worth USD 437 billion in 2024 in India compared to USD 310 billion ten years earlier, and averaged USD 349 billion over the last decade. For more exports information, visit our dedicated page.
India Merchandise Exports Chart
Note: This chart displays Exports (USD billion) for India from 2014 to 2025.
Source: Macrobond.
India Merchandise Exports Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Exports (USD bn) | 292 | 422 | 451 | 437 | 438 |
| Merchandise Exports (ann. var. %) | -6.9 | 44.6 | 6.9 | -3.1 | 0.1 |
Merchandise trade deficit increases in December
Latest reading: In December, the trade balance was USD -25.0 billion, following a USD -24.5 billion figure in the prior month. Over the last 12 months, the trade balance summed to USD -306.9 billion. Exports were up 1.9% in year-on-year terms in December, following a 19.4% increase in the previous month. Imports increased 8.7% in year-on-year terms in December, coming on the back of a 2.0% drop in the prior month.
Outlook: Trade talks with the U.S. remain key to the outlook, after Washington hit India last year with an additional 25% levy for buying Russian oil, bringing total tariffs to 50%.
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 exports projections for the next ten years from a panel of 8 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 exports forecast available for Indian merchandise exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian merchandise exports projections.
Want to get access to the full dataset of Indian merchandise exports forecasts? Send an email to info@focus-economics.com.
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