India recorded a trade deficit of 14.05 USD Billion in February of 2025. This dataset 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.

In 2018, India's trade deficit of goods amounted to around 189.69 billion U.S. dollars, a significant slump after a steady recovery towards the black since 2013.

Balance of trade

The trade balance, also called commercial balance or balance of trade, is the difference between the value of a country’s exports and its imports over a certain timespan. If a country exports more goods or services than in imports, the trade balance is positive – a so-called trade surplus. If a country imports more than it exports, the trade balance is in the red – a trade deficit. Among other factors, trade is affected by production, currency exchange rates, and taxes, and of course by the availability of raw materials and prices of goods.

India’s trade is in the red

The reason for India’s persistent trade deficit is simple: The country imports far more than it exports. India is a very fast-growing economy with the majority of its GDP generated by services, while most of its workforce is employed in agriculture. India’s main imports include chemicals, crude oil, and machinery, while India exports textiles, software, petroleum products, and leather goods. One reason for the increasing trade deficit is probably the price of crude oil and the rapid economic growth, which means that export trade now needs to catch up to the demand.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for India (XTNTVA01INQ667N) from Q1 1990 to Q4 2024 about India, trade, Net, and goods.

In fiscal year 2024, the trade balance to gross domestic product ratio in India declined to 7.4 percent. This was almost the same as compared to the previous fiscal year.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for India (XTNTVA01INA664N) from 1990 to 2024 about India, trade, Net, and goods.

United States Trade Balance: India: sa data was reported at -1.908 USD bn in May 2018. This records an increase from the previous number of -2.040 USD bn for Apr 2018. United States Trade Balance: India: sa data is updated monthly, averaging -1.743 USD bn from Jan 2009 (Median) to May 2018, with 113 observations. The data reached an all-time high of -22.000 USD mn in Aug 2009 and a record low of -2.656 USD bn in Apr 2014. United States Trade Balance: India: sa data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA010: Trade Statistics: Census Basis: By Country: Trade Balance.

At the end of fiscal year 2022, the value for the balance of trade India had with Latin American and Caribbean countries was a deficit of over six billion U.S. dollars. The balance of trade calculates the comparison of exports against imports, determining a surplus (when exports outweigh imports) or a deficit (when imports are more than exports) of trade. The trade balance is also a component of a country's GDP.

Data and insights on India's Trade Balance - current and historical values on deficit and surplus, top countries, and its economic impact

IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data was reported at 0.040 USD mn in Dec 2017. This records an increase from the previous number of -0.090 USD mn for Sep 2017. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data is updated quarterly, averaging 0.018 USD mn from Dec 1972 (Median) to Dec 2017, with 113 observations. The data reached an all-time high of 1.677 USD mn in Sep 2011 and a record low of -17.330 USD mn in Dec 2006. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Quarterly.

India IN: Trade Balance: Advanced Economies: Canada data was reported at -2.517 USD bn in 2017. This records a decrease from the previous number of -953.707 USD mn for 2016. India IN: Trade Balance: Advanced Economies: Canada data is updated yearly, averaging -75.497 USD mn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 244.000 USD mn in 2000 and a record low of -2.517 USD bn in 2017. India IN: Trade Balance: Advanced Economies: Canada data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Annual.

At the end of fiscal year 2021, the value for the balance of trade India had with Northeast Asian countries was a deficit of more than 66 billion U.S. dollars. The balance of trade calculates the comparison of exports against imports, determining a surplus (when exports outweigh imports) or a deficit (when imports are more than exports) of trade. The trade balance is also a component of a country's GDP.

India Trade Balance: USD: Non-Oil & Non-Gold data was reported at -11.330 USD bn in Jan 2025. This records a decrease from the previous number of -7.320 USD bn for Dec 2024. India Trade Balance: USD: Non-Oil & Non-Gold data is updated monthly, averaging -7.320 USD bn from May 2017 (Median) to Jan 2025, with 93 observations. The data reached an all-time high of 2.910 USD bn in Jun 2020 and a record low of -13.920 USD bn in Sep 2022. India Trade Balance: USD: Non-Oil & Non-Gold data remains active status in CEIC and is reported by Ministry of Commerce and Industry. The data is categorized under India Premium Database’s Foreign Trade – Table IN.JAA001: Trade in Merchandise.

India Trade Balance: USD: Oil data was reported at -9.860 USD bn in Jan 2025. This records an increase from the previous number of -10.354 USD bn for Dec 2024. India Trade Balance: USD: Oil data is updated monthly, averaging -7.544 USD bn from Apr 2011 (Median) to Jan 2025, with 166 observations. The data reached an all-time high of -1.814 USD bn in May 2020 and a record low of -13.859 USD bn in Oct 2024. India Trade Balance: USD: Oil data remains active status in CEIC and is reported by Ministry of Commerce and Industry. The data is categorized under India Premium Database’s Foreign Trade – Table IN.JAA001: Trade in Merchandise.

Turkey recorded a trade deficit of 8154 USD Million in February of 2025. This dataset provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In fiscal year 2023, the value for the balance of trade India had with Israel was over 6,127 million U.S. dollars. During the same time period, the value for the balance of trade India had with Egypt was 2,157 million dollars. The balance of trade calculates the comparison of exports against imports, determining a surplus (when exports outweigh imports) or a deficit (when imports are more than exports) of trade. The trade balance is also a component of a country's GDP.

India trade balance for 2023 was -73.51 billion US dollars, a 38.5% decline from 2022.

• India trade balance for 2022 was -119.53 billion US dollars, a 43.78% increase from 2021.
• India trade balance for 2021 was -83.13 billion US dollars, a 690.53% increase from 2020.
• India trade balance for 2020 was -10.52 billion US dollars, a 85.61% decline from 2019.

External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars.

India's trade deficit with China was over 100 billion U.S. dollars in 2022. The value of bilateral trade between the two countries was worth more than 136 billion U.S. dollars for the same year. India-China bilateral trade has rapidly expanded, propelling China to become India's largest goods trading partner.

In 2024, China's merchandise trade surplus amounted to around 992.2 billion U.S. dollars, significantly higher than in the previous year. The merchandise trade balance is the value of exported goods minus the value of imported goods. A positive value indicates a trade surplus, while a negative value indicates a trade deficit. Trade balance and partnersIn 2024, Chinese imports of goods amounted to approximately 2.59 trillion U.S. dollars, whereas total exports added up to about 3.58 trillion U.S. dollars. In contrast, China’s invisible trade balance, an indicator measuring services and government transfers between countries, closed with a deficit and ranged at about -92 billion U.S. dollars at the end of 2022. Being an economy heavily reliant on export, China ranked first among countries with the highest trade surplus, followed by Germany and Russia. The United States, with imports exceeding exports by approximately 1.15 trillion U.S. dollars that year, ranked first among leading import countries worldwide. In 2023, the value of the U.S. imports from China exceeded the exports to China by around 279.4 billion U.S. dollars. Another important trade partner for China is the European Union. In 2023, the EU imported around 514 billion euro-worth of goods from China, leading to a trade deficit of around 291 billion euros. Product categories with the highest trade deficit were mostly finished goods such as machinery and transport equipment, clothing, and other manufactures, whereas product categories with a more balanced trade sheet consisted of raw materials and agricultural products to a large extent.

India International Trade: Sevices: USD: Trade Balance data was reported at 6.716 USD bn in Oct 2018. This records an increase from the previous number of 6.435 USD bn for Sep 2018. India International Trade: Sevices: USD: Trade Balance data is updated monthly, averaging 5.732 USD bn from Apr 2011 (Median) to Oct 2018, with 91 observations. The data reached an all-time high of 7.063 USD bn in Dec 2014 and a record low of 3.525 USD bn in Dec 2011. India International Trade: Sevices: USD: Trade Balance data remains active status in CEIC and is reported by Ministry of Commerce and Industry. The data is categorized under India Premium Database’s Foreign Trade – Table IN.JAA002: International Trade in Services.

India IN: Trade Balance: Advanced Economies: Singapore data was reported at 209.620 USD mn in Mar 2018. This records a decrease from the previous number of 849.390 USD mn for Dec 2017. India IN: Trade Balance: Advanced Economies: Singapore data is updated quarterly, averaging 0.800 USD mn from Mar 1960 (Median) to Mar 2018, with 225 observations. The data reached an all-time high of 3.118 USD bn in Jun 2011 and a record low of -515.006 USD mn in Sep 2015. India IN: Trade Balance: Advanced Economies: Singapore data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Quarterly.