India’s goods exports grew 195.7% on year in April. The trade deficit widened to $6.32 billion in May 2021 from $3.62 billion in May 2020, preliminary data released by the commerce and industry ministry showed. However, it was 62.49% lower than the $16.84 billion deficit in May 2019.
What is the current trade deficit?
The deficit with China increased $6.7 billion to $36.9 billion in March. Exports increased $0.9 billion to $11.3 billion and imports increased $7.6 billion to $48.2 billion. The deficit with Mexico increased $1.6 billion to $8.4 billion in March.
U.S. International Trade in Goods and Services, March 2021.
Is India in a trade surplus or deficit?
With India being a large importer of gold, oil and capital goods, India’s imports of goods outstrip its exports to the rest of the world, leading generally to a negative trade balance. In 2020-2021, however, India’s trade deficit shrank by 35% compared to the previous year [from (-)$157.5 billion to (-)$102.2 billion].
What is the position of India in balance of trade?
Looking forward, we estimate Balance of Trade in India to stand at -9600.00 in 12 months time. In the long-term, the India Balance of Trade is projected to trend around -7200.00 USD Million in 2022 and -10600.00 USD Million in 2023, according to our econometric models.
What is India’s trade deficit in March 2021?
The estimated trade balance in March 2021* is USD 6.91Billion. OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-March 2020-21* is estimated at USD12.
INDIA’S FOREIGN TRADE: MARCH 2021.
|EXPORTS & IMPORTS : (US $ Billion)|
What was the #1 US export in 2020?
America’s biggest export products by value in 2020 were refined petroleum oil, crude oil, cars, electronic integrated circuits and petroleum gases. In aggregate, those major exports account for 16.4% of overall exports sales from the United States.
What is India’s largest export?
Exports: The top exports of India are Refined Petroleum ($39.2B), Diamonds ($22.5B), Packaged Medicaments ($15.8B), Jewellery ($14.1B), and Cars ($7.15B), exporting mostly to United States ($55.3B), United Arab Emirates ($28.6B), China ($17.4B), Hong Kong ($11.5B), and Singapore ($9.53B).
Who is the biggest trade partner of India?
Largest trading partners with India
|3||United Arab Emirates||59.03|
Why Is a trade deficit bad?
Trade deficits are the difference between how much a country imports and how much it exports. When done right, they can let trading partners specialize in their strengths and create wealth for all consumers. Gone wrong, they can harm labor markets and create problems of savings and investment.
In which year the import is highest?
Imports in India averaged 9039.89 USD Million from 1957 until 2021, reaching an all time high of 48380 USD Million in March of 2021 and a record low of 117.40 USD Million in August of 1958.
Does India import more than export?
India Exports and Imports of Product Groups 2019
India Raw materials exports are worth US$ 23,153 million, product share of 7.16%. India Raw materials imports are worth US$ 160,775 million, product share of 33.57%. India Intermediate goods exports are worth US$ 100,490 million, product share of 31.09%.
Does India have a Favourable balance of trade?
Despite the lockdown, India’s trade balance in April and May turned positive. This has been achieved by a sharper decline in imports, pointing towards a contraction of demand in the real economy. The RBI has released India’s balance of payments data for the fourth quarter (January-March) of 2019-20.