Latest reading: In January, the trade balance was USD +18.9 billion, following a USD +19.4 billion reading in the previous...
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 2014 to 2025.
Source: Macrobond.
India Merchandise Imports Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Imports (USD bn) | 394 | 613 | 716 | 674 | 720 |
| Merchandise Imports (ann. var. %) | -16.9 | 55.4 | 16.8 | -5.9 | 6.9 |
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 imports 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 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.
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