In 2023, India's trade deficit of goods amounted to around *** billion U.S. dollars. 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 the price of crude oil and its rapid economic growth, which means that export trade now needs to catch up to the demand.

India recorded a trade deficit of 21.88 USD Billion in May 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.

Key information about India's Trade Balance

• India's Trade Balance recorded a deficit of 23.0 USD bn in Jan 2025, compared with a deficit of 21.9 USD bn in the previous month
• India's Trade Balance data is updated monthly, available from Jan 1957 to Jan 2025, with an averaged value of -420.4 USD mn
• The data reached an all-time high of 709.6 USD mn in Jun 2020 and a record low of -31.8 USD bn in Nov 2024

• In the latest reports, India's Total Exports reached 36.4 USD bn in Jan 2025, an increase of 14.5% YoY (year-on-year)
• Total Imports recorded 59.4 USD bn in Jan 2025, an increase of 14.5% YoY (year-on-year)

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

Historical dataset showing India trade balance by year from 1960 to 2023.

In fiscal year 2023, the value for the balance of trade India had with Israel was over ***** million U.S. dollars. During the same time period, the value for the balance of trade India had with Egypt was ***** 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.

In 2023, China was the country with the highest trade surplus, with approximately ****** billion U.S. dollars. The leading trade nations Typically a trade surplus indicates a sign of economic success and a trade deficit indicates an economic weakness. However, if that were true, then the top four, China, Germany, Russia and Ireland, would be considered the best performing countries in the world. However, this would mean that the United States, Great Britain, India and France would be among the weakest nations considering that they are four countries with the highest trade deficit. In fact, they are leading industrial nations. While China is known for producing and exporting products at a competitive price, it has undervalued its exchange rate in order to promote exports. However, China is now working to reduce its reliance on exports even though they continue to export large and increasing quantities of goods. In the case of Germany, the value of the euro may not be high enough, however growth concerning the value of exports has slowed over the past few years. In contrast, the value of the dollar in the United States may be too high, favoring imports as opposed to exports.

Finland FI: Trade Balance: Services: India data was reported at -803.000 EUR mn in 2023. This records a decrease from the previous number of -447.000 EUR mn for 2022. Finland FI: Trade Balance: Services: India data is updated yearly, averaging -226.000 EUR mn from Dec 2010 (Median) to 2023, with 14 observations. The data reached an all-time high of 252.000 EUR mn in 2010 and a record low of -803.000 EUR mn in 2023. Finland FI: Trade Balance: Services: India data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Finland – Table FI.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual.

Luxembourg LU: Trade Balance: Services: India data was reported at -128.000 EUR mn in 2023. This records a decrease from the previous number of -57.000 EUR mn for 2022. Luxembourg LU: Trade Balance: Services: India data is updated yearly, averaging 21.500 EUR mn from Dec 2010 (Median) to 2023, with 14 observations. The data reached an all-time high of 133.000 EUR mn in 2015 and a record low of -128.000 EUR mn in 2023. Luxembourg LU: Trade Balance: Services: India data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Luxembourg – Table LU.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual.

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 IN: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Curacao data was reported at 4.351 USD mn in Dec 2024. This records an increase from the previous number of 3.786 USD mn for Sep 2024. India IN: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Curacao data is updated quarterly, averaging 3.832 USD mn from Sep 2020 (Median) to Dec 2024, with 17 observations. The data reached an all-time high of 7.026 USD mn in Jun 2022 and a record low of -9.875 USD mn in Jun 2023. India IN: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Curacao 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 total Exports in 2024 were valued at US$434.44 Billion, according to the United Nations COMTRADE database on international trade. India's main export partners were: the United States, the United Arab Emirates and the Netherlands. The top three export commodities were: Mineral fuels, oils, distillation products; Electrical, electronic equipment and Machinery, nuclear reactors, boilers. Total Imports were valued at US$697.75 Billion. In 2024, India had a trade deficit of US$263.31 Billion.

Exports in India increased to 38.73 USD Billion in May from 38.49 USD Billion in April of 2025. This dataset provides the latest reported value for - India Exports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

India Petrochemical: Trade Balance: Volume: Performance Plastics: Polytetrafluoroethylene(PTFE) data was reported at -5,780.000 Metric Ton in 2024. This records an increase from the previous number of -20,704.000 Metric Ton for 2023. India Petrochemical: Trade Balance: Volume: Performance Plastics: Polytetrafluoroethylene(PTFE) data is updated yearly, averaging -5,406.000 Metric Ton from Mar 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of 2,030.000 Metric Ton in 2008 and a record low of -20,704.000 Metric Ton in 2023. India Petrochemical: Trade Balance: Volume: Performance Plastics: Polytetrafluoroethylene(PTFE) data remains active status in CEIC and is reported by Department of Chemicals and Petrochemicals. The data is categorized under India Premium Database’s Chemical and Petrochemical Sector – Table IN.RHF012: Petrochemical: Trade Balance: Volume.

Net trade in goods and services of India plummeted by 35.89% from -134,660,965,223 US dollars in 2022 to -86,329,729,820 US dollars in 2023. Since the 787.53% surge in 2021, net trade in goods and services rocketed by 16.60% in 2023. Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.

India Chemical: Trade Balance: Volume: Dyes and Dyestuffs: Inorganic Pigments data was reported at -44,297.000 Metric Ton in 2024. This records an increase from the previous number of -88,749.000 Metric Ton for 2023. India Chemical: Trade Balance: Volume: Dyes and Dyestuffs: Inorganic Pigments data is updated yearly, averaging -15,312.000 Metric Ton from Mar 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of -2,022.000 Metric Ton in 2009 and a record low of -88,749.000 Metric Ton in 2023. India Chemical: Trade Balance: Volume: Dyes and Dyestuffs: Inorganic Pigments data remains active status in CEIC and is reported by Department of Chemicals and Petrochemicals. The data is categorized under India Premium Database’s Chemical and Petrochemical Sector – Table IN.RHF006: Chemical: Trade Balance: Volume.

India Petrochemical: Trade Balance: Volume: Others: Polyol data was reported at 0.000 Metric Ton in 2024. This stayed constant from the previous number of 0.000 Metric Ton for 2023. India Petrochemical: Trade Balance: Volume: Others: Polyol data is updated yearly, averaging 140,104.000 Metric Ton from Mar 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of 226,175.000 Metric Ton in 2019 and a record low of 0.000 Metric Ton in 2024. India Petrochemical: Trade Balance: Volume: Others: Polyol data remains active status in CEIC and is reported by Department of Chemicals and Petrochemicals. The data is categorized under India Premium Database’s Chemical and Petrochemical Sector – Table IN.RHF012: Petrochemical: Trade Balance: Volume.

India Petrochemical: Trade Balance: INR: Performance Plastics: Polytetrafluoroethylene(PTFE) data was reported at -6,686.900 INR mn in 2024. This records an increase from the previous number of -21,200.800 INR mn for 2023. India Petrochemical: Trade Balance: INR: Performance Plastics: Polytetrafluoroethylene(PTFE) data is updated yearly, averaging -2,612.000 INR mn from Mar 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of 717.800 INR mn in 2008 and a record low of -21,200.800 INR mn in 2023. India Petrochemical: Trade Balance: INR: Performance Plastics: Polytetrafluoroethylene(PTFE) data remains active status in CEIC and is reported by Department of Chemicals and Petrochemicals. The data is categorized under India Premium Database’s Chemical and Petrochemical Sector – Table IN.RHF011: Petrochemical: Trade Balance: INR.

In 2023, India had a pharmaceutical product trade balance of approximately 18.4 billion U.S. dollars. Singapore was the only other country in the Asia-Pacific region with a positive trade balance for pharma products that year, at nearly 7.5 billion U.S. dollars.