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Balance of trade · India

India Balance of Trade

The India Balance of Trade shows the difference between the value of goods (and sometimes services) that India sells abroad and what it buys from abroad, or the growth of exports and imports.

Importance
Low
Released
Monthly
Next release
Currency
INR · Indian rupee
Central bank
The Reserve Bank of India

Latest figures

The latest release for SEP, published on 15 October 2026, came in at $-30.21B.

ReleasedForActualConsensusPrevious
15 Oct 2026SEP$-30.21B–$-26.86B
15 Sep 2026AUG$-26.86B–$-31.98B
13 Aug 2026JUL$-31.98B$-30.2B$-30.43B
13 Jul 2026JUN$-30.43B$-26.5B$-28.21B
15 Jun 2026MAY$-28.21B$-27B$-28.38B
15 May 2026APR$-28.38B$-27B$-20.67B
15 Apr 2026MAR$-20.67B$-32.75B$-27.1B
16 Mar 2026FEB$-27.1B$-28B$-34.68B
16 Feb 2026JAN$-34.68B$-26B$-25.04B
15 Jan 2026DEC$-25.04B–$-24.53B
15 Dec 2025NOV$-24.53B–$-41.68B
17 Nov 2025OCT$-41.68B$-29.4B$-32.15B

See it in the economic calendar →

Why it matters

Exports are a big part of demand for open economies (Germany, China, Japan, Korea, the Netherlands). A larger surplus means more foreign demand for the Indian rupee; strong imports signal domestic demand. China's figures are read as a gauge of world demand.

How it is calculated

Customs records the value of goods crossing the border; services come from surveys. The balance is exports minus imports, usually seasonally adjusted.

Trade balance = exports − imports

What changes mean

  • Look at exports and imports separately: a wider surplus from collapsing imports is a sign of weak domestic demand, not strength.
  • Exchange-rate moves take months to affect trade volumes (the J-curve).

Higher than expected: A larger surplus (or smaller deficit) than expected tends to support the Indian rupee.

Lower than expected: A smaller surplus (or larger deficit) than expected tends to weigh on the Indian rupee.

A short history

Trade balances were the obsession of mercantilism in the 16th–18th centuries; David Hume's price-specie flow mechanism (1752) explained why surpluses tend to correct themselves.

Questions

What is the India Balance of Trade?

The India Balance of Trade shows the difference between the value of goods (and sometimes services) that India sells abroad and what it buys from abroad, or the growth of exports and imports.

What was the latest India Balance of Trade?

$-30.21B for SEP, published on 15 October 2026.

When is the next India Balance of Trade?

On Monday 16 November 2026.

Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.