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Trade balance of India 2017

India: Trade balance from 2007 to 2017 (in billion U.S. dollars)

by H. Plecher, last edited Oct 21, 2019
Trade balance of India 2017 In 2017, India's trade deficit amounted to around 147.84 billion U.S. dollars, a significant slump after a steady recovery towards the black since 2013.
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 probably the price of crude oil and the rapid economic growth, which means that export trade now needs to catch up to the demand.
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India: Trade balance from 2007 to 2017 (in billion U.S. dollars)

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