Latest reading: In December, the trade balance was USD +2.4 billion, following a USD +0.7 billion reading in the prior...
Merchandise Trade Balance in India
The merchandise trade balance in India averaged USD -178 billion in the decade to 2024. The 2024 reading was USD -283 billion. For more information on trade, visit our dedicated page.
India Trade Chart
Note: This chart displays Trade Balance (USD billion) for India from 2014 to 2025.
Source: Macrobond.
India Trade Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Trade Balance (USD bn) | -103 | -191 | -265 | -237 | -282 |
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 trade 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 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 info@focus-economics.com.
Latest Global Trade News
-
Mexico: Merchandise trade surplus widens in December -
Argentina: Merchandise trade surplus narrows in December Latest reading: In December, the trade balance was USD +1.9 billion, following a USD +2.5 billion reading in the prior... -
Peru: Merchandise trade surplus narrows in November Latest reading: In November, the trade balance was USD +3.7 billion, following a USD +4.1 billion figure in the prior... -
Japan: Merchandise exports rise for fourth successive month in December Latest reading: In December, the trade balance was JPY +0.1 trillion, down from the prior month’s JPY +0.3 trillion and... -
Singapore: Merchandise trade surplus decreases in December Latest reading: In December, the trade balance was USD +1.7 billion, following a USD +5.9 billion reading in the prior... -
India: 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... -
Spain: Merchandise trade deficit deepens in November Latest reading: In November, the trade balance was EUR -5.7 billion, compared to the previous month’s reading of EUR -4.7...