In 2024, 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 18.78 USD Billion in June 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.

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

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)

Key information about India Total Exports

• India Total Exports recorded 36.4 USD bn in Jan 2025, compared with 38.0 USD bn in the previous month
• India Total Exports data is updated monthly, available from Apr 1990 to Jan 2025, with an averaged value of 12.4 USD bn
• The data reached an all-time high of 44.6 USD bn in Mar 2022 and a record low of 1.3 USD bn in Jun 1991

• In the latest reports, India Total Exports grew 1.3 % YoY in Jan 2025
• Total Imports recorded 59.4 USD bn in Jan 2025, which registered an increase of 14.5 % year on year
• India Trade Balance recorded a deficit of 23.0 USD bn in Jan 2025

The United States' total Imports in 2024 were valued at US$3.36 Trillion, according to the United Nations COMTRADE database on international trade. The United States' main import partners were: Mexico, China and Canada. The top three import commodities were: Machinery, nuclear reactors, boilers; Electrical, electronic equipment and Vehicles other than railway, tramway. Total Exports were valued at US$2.06 Trillion. In 2024, The United States had a trade deficit of US$1.29 Trillion.

Japan JP: Trade Balance: Services: Asia and Oceania data was reported at -650,621.700 JPY mn in 2021. This records a decrease from the previous number of 8,721.600 JPY mn for 2020. Japan JP: Trade Balance: Services: Asia and Oceania data is updated yearly, averaging 1,996,687.900 JPY mn from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 2,920,474.400 JPY mn in 2018 and a record low of -650,621.700 JPY mn in 2021. Japan JP: Trade Balance: Services: Asia and Oceania 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 Japan – Table JP.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. The British Indian Ocean Territory is included in Asia. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

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.

Net trade in goods and services of India soared by 17.03% from -86,329,729,820 US dollars in 2023 to -101,034,797,310 US dollars in 2024. Since the 88.64% drop in 2020, net trade in goods and services rocketed by 1,111.13% in 2024. 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'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.

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 ***** billion U.S. dollars.

The largest portion of India's imports originated from China, representing more than 15 percent of the total imports in the financial year 2024, with Russia following at over nine percent. Conversely, during the same period, India's primary exports were directed towards the United States. India’s import mix India's imports encompass a wide range of goods, with some key commodities dominating the landscape. Among these critical imports are crude oil, gold, and petroleum products. Crude oil, constituting approximately 20 percent of total imports, is critical due to the nation’s reliance on energy sources. In addition, India, as a major textile producer, has witnessed a significant rise in textile imports over the years to meet the diverse consumer and industrial demands. Trade balance In the recent past, the country experienced a notable change in its trade balance-to-GDP ratio. This ratio, which reflects the relationship between the country's trade activities and the size of its economy, saw a significant decrease of 8.5 percent in fiscal year 2023. In other words, the country was importing more goods and services than it was exporting during the period.

India's total Imports in 2024 were valued at US$697.75 Billion, according to the United Nations COMTRADE database on international trade. India's main import partners were: China, Russia and the United Arab Emirates. The top three import commodities were: Mineral fuels, oils, distillation products; Pearls, precious stones, metals, coins and Electrical, electronic equipment. Total Exports were valued at US$434.44 Billion. In 2024, India had a trade deficit of US$263.31 Billion.

Slovenia SI: Trade Balance: Services: Asia and Oceania data was reported at -17.900 EUR mn in 2021. Slovenia SI: Trade Balance: Services: Asia and Oceania data is updated yearly, averaging -17.900 EUR mn from Dec 2021 (Median) to 2021, with 1 observations. The data reached an all-time high of -17.900 EUR mn in 2021 and a record low of -17.900 EUR mn in 2021. Slovenia SI: Trade Balance: Services: Asia and Oceania 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 Slovenia – Table SI.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. The British Indian Ocean Territory is included in Asia. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

Poland PL: Trade Balance: Services: Asia and Oceania data was reported at 2,080.700 PLN mn in 2020. This records a decrease from the previous number of 3,544.200 PLN mn for 2019. Poland PL: Trade Balance: Services: Asia and Oceania data is updated yearly, averaging 1,284.900 PLN mn from Dec 2010 (Median) to 2020, with 11 observations. The data reached an all-time high of 3,544.200 PLN mn in 2019 and a record low of 184.200 PLN mn in 2010. Poland PL: Trade Balance: Services: Asia and Oceania 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 Poland – Table PL.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. The British Indian Ocean Territory is included in Asia. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

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.

Netherlands NL: Trade Balance: Services: Asia and Oceania data was reported at 10,482.700 EUR mn in 2020. This records a decrease from the previous number of 15,903.600 EUR mn for 2019. Netherlands NL: Trade Balance: Services: Asia and Oceania data is updated yearly, averaging 11,003.600 EUR mn from Dec 2010 (Median) to 2020, with 11 observations. The data reached an all-time high of 15,903.600 EUR mn in 2019 and a record low of 7,085.200 EUR mn in 2010. Netherlands NL: Trade Balance: Services: Asia and Oceania 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 Netherlands – Table NL.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. The British Indian Ocean Territory is included in Asia. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

Czech Republic CZ: Trade Balance: Services: Asia and Oceania data was reported at -34,362.700 CZK mn in 2021. This records a decrease from the previous number of -31,801.600 CZK mn for 2020. Czech Republic CZ: Trade Balance: Services: Asia and Oceania data is updated yearly, averaging -33,082.150 CZK mn from Dec 2020 (Median) to 2021, with 2 observations. The data reached an all-time high of -31,801.600 CZK mn in 2020 and a record low of -34,362.700 CZK mn in 2021. Czech Republic CZ: Trade Balance: Services: Asia and Oceania 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 Czech Republic – Table CZ.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. The British Indian Ocean Territory is included in Asia. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

The dataset contains year- and quarter-wise historically compiled data from the year 1990-91 to till date on the value (in both Indian rupees and us dollars) of credit and debit transaction performed in current accounts in the overall balance of payments compiled by Reserve Bank of India (RBI)

Notes:

1. The current account in India‚ Balance of Payments (BoP) statistics distinguishes between merchandise and non-merchandise transactions and, accordingly, comprises two major heads, Invisible (merchandise) account and an Invisible (non-merchandise) account. Invisibles, in turn, have three sub-categories, viz., services, transfers and income. Traditionally, a distinction is made between goods and services in the current account to take into account the differences in the nature of their production and international trade. While in the case of goods, international trade is conducted separately from production, in the case of services, the two are closely linked, as the production process of services involves a resident and non-resident

2. The term G.n.i.e in the dataset denotes to Government goods and services not included elsewhere (G.n.i.e)

External balance on goods and services (current US$) in India was reported at --90572737249 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - External balance on goods and services - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.