India's trade deficit narrowed to USD 15.28 billion in June 2019 from USD 16.60 billion in the same month last year and below market expectations of USD 15.64 billion. Merchandise exports plunged 9.71 percent to USD 25.01 billion, led by decreases in sales of petroleum products (-32.85 percent), gems, jewellery (-10.67 percent), rice (-28.05 percent), and engineering goods (-2.65 percent). Meanwhile, imports were down 9.06 percent to USD 40.29 billion as purchases fell for pearls, precious & semi-precious stones (-23.64 percent), petroleum products (-13.33 percent), machinery, electrical & non-electrical (-9.03 percent), coal, coke & briquettes (-3.44 percent), and electronic goods (-1.66 percent). Considering April-June 2019-20, the trade deficit widened to USD 45.96 billion from USD 44.94 billion in the same period of the previous fiscal year. Balance of Trade in India averaged -2615.96 USD Million from 1957 until 2019, 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.
Balance of Trade in India is expected to be -15500.00 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 -17000.00 in 12 months time. In the long-term, the India Balance of Trade is projected to trend around -14100.00 USD Million in 2020, according to our econometric models.