India's trade deficit narrowed to USD 6.76 billion in April 2020 from USD 9.76 billion in the previous month and below market expectations of a USD 7.5 billion shortfall. It was the smallest trade gap since May 2016, as the coronavirus pandemic hit global demand. Exports plunged 60.28 percent to its lowest level since November 2006, mainly due to lower sales of gems & jewelry (-98.74 percent), engineering goods (-64.76 percent), electronic goods (-71.04 percent), petroleum products (66.22 percent), and organic & inorganic chemicals (41.93 percent). Imports slumped 58.65 percent to its lowest since March 2009, due to lower purchases of gold (-99.92 percent); petroleum products (-55.01 percent); coal, coke & briquettes (-43.82 percent); electronic goods (-59.06 percent); iron & steel (-47.93 percent); and organic & inorganic chemicals (-28.73 percent).
Balance of Trade in India averaged -2732.90 USD Million from 1957 until 2020, reaching an all time high of 258.90 USD Million in March of 1977 and a record low of -20210.90 USD Million in October of 2012. This page provides the latest reported value for - India Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. India Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Ministry of Commerce and Industry, India
Balance of Trade in India is expected to be -14200.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in India to stand at -9200.00 in 12 months time. In the long-term, the India Balance of Trade is projected to trend around -10300.00 USD Million in 2021 and -10200.00 USD Million in 2022, according to our econometric models.