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 (XTNTVA01INM667S) from Jan 1990 to Mar 2025 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.

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

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for India (XTNTVA01INQ664N) from Q1 1990 to Q1 2025 about India, trade, Net, and goods.

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'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.

This layer shows Exports, Imports and Trade Balance in India in US $ (Millions) as per the Economic Survey Report 2024-2025. Data source: https://www.indiabudget.gov.in/economicsurvey/doc/stat/tab6.1b.pdfNote:P: ProvisionalFor the years 1956-57, 1957-58, 1958-59 and 1959-60, the data are as per the Fourteenth Report of the Estimates Committee (1971-72) of theerstwhile Ministry of Foreign Trade. This web layer is offered by Esri India, for ArcGIS Online subscribers. If you have any questions or comments, please let us know via content@esri.in

IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data was reported at 1.624 USD bn in Mar 2018. This records an increase from the previous number of 352.250 USD mn for Dec 2017. IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data is updated quarterly, averaging 70.476 USD mn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 2.299 USD bn in Sep 2014 and a record low of -243.191 USD mn in Mar 2009. IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong 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.

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.

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

<ul style='margin-top:20px;'>

<li>India trade balance for 2022 was <strong>-119.53 billion US dollars</strong>, a <strong>43.78% increase</strong> from 2021.</li>
<li>India trade balance for 2021 was <strong>-83.13 billion US dollars</strong>, a <strong>690.53% increase</strong> from 2020.</li>
<li>India trade balance for 2020 was <strong>-10.52 billion US dollars</strong>, a <strong>85.61% decline</strong> from 2019.</li>
</ul>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.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for India (XTNTVA01INQ664S) from Q1 1990 to Q4 2024 about India, trade, Net, and goods.

This layer shows Exports, Imports and Trade Balance in India in Crores as per the Economic Survey Report 2024-2025Data source: https://www.indiabudget.gov.in/economicsurvey/doc/stat/tab6.1a.pdfNotes:For the years 1956-57, 1957-58, 1958-59 and 1959-60, the data are as per the Fourteenth Report of the Estimates Committee(1971-72) of the erstwhile Ministry of Foreign Trade.This web layer is offered by Esri India, for ArcGIS Online subscribers. If you have any questions or comments, please let us know via content@esri.in

High Frequency Indicator: The dataset contains year- and month-wise historically compiled data from the year 2007 to till date on the India's top 25 trading countries with trading of goods by import and export, along with details of country-wise value, both in indian rupees and u.s. dollars, of imports, exports and trade balance.

IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Malaysia data was reported at -993.590 USD mn in Mar 2018. This records a decrease from the previous number of -744.490 USD mn for Dec 2017. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Malaysia data is updated quarterly, averaging -89.440 USD mn from Mar 1966 (Median) to Mar 2018, with 209 observations. The data reached an all-time high of 105.548 USD mn in Mar 2009 and a record low of -2.050 USD bn in Sep 2014. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Malaysia 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.

IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Tonga data was reported at 0.390 USD mn in Mar 2018. This records a decrease from the previous number of 0.450 USD mn for Dec 2017. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Tonga data is updated quarterly, averaging 0.071 USD mn from Mar 1971 (Median) to Mar 2018, with 121 observations. The data reached an all-time high of 0.926 USD mn in Mar 2013 and a record low of -17.298 USD mn in Dec 1997. IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Tonga 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.

Telecommunications, computer, and information services in India had the highest trade balance in 2022, accounting for over 82 billion U.S. dollars. Other business services ranked second during the measured time period.

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.

This statistic shows the trade balance of South Korea with India up to 2017, since the Comprehensive Economic Partnership Agreement came into force in 2010. In 2017, South Korea's trade surplus with India amounted to about 10.11 billion U.S. dollars.

This statistic shows the United States goods trade deficit with China from 2014 to 2024. In 2024, the value of U.S. imports from China exceeded the exports to China by around 295.4 billion U.S. dollars.