Skip to content
We use only essential cookies to keep you signed in and remember your preferences. See our Cookie Policy.
India Economy Atlas
At a glanceGrowthIndustryPricesMoneyJobsExternalStoriesDataTestStop
At a glance/External/Goods trade balance
External · monthly

Merchandise trade balance

Goods exports minus goods imports for the month, in billions of US dollars. A negative number is a deficit.

Sep 2026● Fresh
$−30.2 bn
as first released
Next release expected around 2026-11-15.
Previous−26.9Aug 2026
A year earlier−33.0Sep 2025
Highest0.7Jun 2020
Lowest−41.7Oct 2025

Over time

−50−40−30−20−10010−30.21990-041993-051996-061999-072002-082005-092008-102011-112014-122018-012021-022026-09
Faded: the earlier record, kept as published. The recent months are drawn solid.CSV
View as a table
PeriodValueStatusBase
2026-09−30.2as first released
2026-08−26.9as first released
2026-07−32.0as first released
2026-06−30.4as first released
2026-05−28.2as first released
2026-04−28.4as first released
2026-03−20.7as first released
2026-02−27.1as first released
2026-01−34.7as first released
2025-12−25.0as first released
2025-11−24.5as first released
2025-10−41.7as first released
2025-09−33.0year-ago figure in the next year's release
2025-08−27.2year-ago figure in the next year's release
2025-07−27.9year-ago figure in the next year's release
2025-06−19.1year-ago figure in the next year's release
2025-05−22.6year-ago figure in the next year's release
2025-04−27.1year-ago figure in the next year's release
2025-03−21.7year-ago figure in the next year's release
2025-02−14.4year-ago figure in the next year's release
2025-01−23.4year-ago figure in the next year's release
2024-12−20.6year-ago figure in the next year's release
2024-11−31.9year-ago figure in the next year's release
2024-10−26.2year-ago figure in the next year's release
2025-06−18.77
2025-05−22.12
2025-04−26.57
2025-03−21.54
2025-02−14.14
2025-01−23.09
2024-12−20.68
2024-11−31.97
2024-10−26.10
2024-09−24.42
2024-08−34.03
2024-07−24.77
2024-06−20.83
2024-05−22.08
2024-04−19.18
2024-03−15.33
2024-02−19.51
2024-01−16.55
2023-12−18.76
2023-11−21.32
2023-10−30.43
2023-09−20.08
2023-08−24.01
2023-07−19.00
2023-06−19.19
2023-05−22.52
2023-04−14.44
2023-03−18.96
2023-02−16.57
2023-01−17.03
2022-12−23.13
2022-11−22.06
2022-10−26.31
2022-09−27.98
2022-08−24.86
2022-07−25.44
2022-06−22.07
2022-05−22.12
2022-04−18.36
2022-03−18.52
2022-02−18.74
2022-01−17.33
2021-12−21.06
2021-11−21.23
2021-10−17.91
2021-09−22.47
2021-08−11.71
2021-07−10.63
2021-06−9.61
2021-05−6.54
2021-04−15.29
2021-03−13.64
2021-02−13.12
2021-01−14.49
2020-12−15.72
2020-11−10.19
2020-10−9.15
2020-09−2.96
2020-08−8.20
2020-07−5.33
2020-060.71
2020-05−3.61
2020-04−6.91
2020-03−9.98
2020-02−10.16
2020-01−15.30
2019-12−12.50
2019-11−12.78
2019-10−11.77
2019-09−11.68
2019-08−13.86
2019-07−14.20
2019-06−16.01
2019-05−16.83
2019-04−16.35
2019-03−10.97
2019-02−9.73
2019-01−15.05
2018-12−14.49
2018-11−17.58
2018-10−18.00
2018-09−14.95
2018-08−17.92
2018-07−18.63
2018-06−17.65
2018-05−14.97
2018-04−14.02
2018-03−13.63
2018-02−11.84
2018-01−15.29
2017-12−14.20
2017-11−15.10
2017-10−14.61
2017-09−9.40
2017-08−12.72
2017-07−11.92
2017-06−14.04
2017-05−14.33
2017-04−14.26
2017-03−11.05
2017-02−9.86
2017-01−9.90
2016-12−10.55
2016-11−13.40
2016-10−11.13
2016-09−9.07
2016-08−7.71
2016-07−7.61
2016-06−8.26
2016-05−5.88
2016-04−4.83
2016-03−4.40
2016-02−6.57
2016-01−7.67
2015-12−11.50
2015-11−10.34
2015-10−9.69
2015-09−10.17
2015-08−12.40
2015-07−13.09
2015-06−11.21
2015-05−10.31
2015-04−11.37
2015-03−11.39
2015-02−6.72
2015-01−7.85
2014-12−9.16
2014-11−16.22
2014-10−13.55
2014-09−14.45
2014-08−10.65
2014-07−14.25
2014-06−12.43
2014-05−11.04
2014-04−9.97
2014-03−10.95
2014-02−8.31
2014-01−9.45
2013-12−10.19
2013-11−9.57
2013-10−10.59
2013-09−6.12
2013-08−10.69
2013-07−12.49
2013-06−11.31
2013-05−19.06
2013-04−17.05
2013-03−10.41
2013-02−14.12
2013-01−18.98
2012-12−17.59
2012-11−17.20
2012-10−20.21
2012-09−17.15
2012-08−14.17
2012-07−17.52
2012-06−11.23
2012-05−17.37
2012-04−14.38
2012-03−13.54
2012-02−14.92
2012-01−17.57
2011-12−14.68
2011-11−15.83
2011-10−17.54
2011-09−13.19
2011-08−15.22
2011-07−14.68
2011-06−14.31
2011-05−18.73
2011-04−13.13
2011-03−3.85
2011-02−9.73
2011-01−10.66
2010-12−8.16
2010-11−6.27
2010-10−13.38
2010-09−10.53
2010-08−9.36
2010-07−12.72
2010-06−7.98
2010-05−12.47
2010-04−13.54
2010-03−9.37
2010-02−10.41
2010-01−9.71
2009-12−11.76
2009-11−10.06
2009-10−11.13
2009-09−6.90
2009-08−8.86
2009-07−7.38
2009-06−9.45
2009-05−7.72
2009-04−6.86
2009-03−3.68
2009-02−3.12
2009-01−5.36
2008-12−6.09
2008-11−12.32
2008-10−11.74
2008-09−15.35
2008-08−15.76
2008-07−12.59
2008-06−9.77
2008-05−10.76
2008-04−11.86
2008-03−6.32
2008-02−5.69
2008-01−7.96
2007-12−5.49
2007-11−9.19
2007-10−7.16
2007-09−5.70
2007-08−7.73
2007-07−8.62
2007-06−7.91
2007-05−8.69
2007-04−7.04
2007-03−4.27
2007-02−3.92
2007-01−3.48
2006-12−4.85
2006-11−6.40
2006-10−7.58
2006-09−6.59
2006-08−4.56
2006-07−4.39
2006-06−3.98
2006-05−5.00
2006-04−4.30
2006-03−2.75
2006-02−2.48
2006-01−3.73
2005-12−3.15
2005-11−4.03
2005-10−3.26
2005-09−4.44
2005-08−4.19
2005-07−4.02
2005-06−3.91
2005-05−5.25
2005-04−3.66
2005-03−2.21
2005-02−2.31
2005-01−2.81
2004-12−3.10
2004-11−2.27
2004-10−2.47
2004-09−2.50
2004-08−2.15
2004-07−2.05
2004-06−2.65
2004-05−2.11
2004-04−1.34
2004-03−0.17
2004-02−0.62
2004-01−1.68
2003-12−1.33
2003-11−1.56
2003-10−1.41
2003-09−0.82
2003-08−1.27
2003-07−1.15
2003-06−1.33
2003-05−1.48
2003-04−1.45
2003-03−0.74
2003-02−0.34
2003-01−0.72
2002-12−0.99
2002-11−1.02
2002-10−0.84
2002-09−0.60
2002-08−0.34
2002-07−0.29
2002-06−0.29
2002-05−1.10
2002-04−0.17
2002-03−0.29
2002-02−0.22
2002-010.01
2001-12−0.83
2001-11−0.58
2001-10−0.37
2001-09−0.20
2001-08−0.73
2001-07−1.49
2001-06−0.40
2001-05−1.04
2001-04−0.98
2001-03−0.32
2001-020.24
2001-01−0.34
2000-12−0.32
2000-11−1.09
2000-10−0.55
2000-09−0.40
2000-08−0.32
2000-07−0.96
2000-06−0.57
2000-05−0.79
2000-04−1.09
2000-03−1.01
2000-02−0.94
2000-01−1.13
1999-12−1.55
1999-11−1.18
1999-10−1.01
1999-09−1.46
1999-08−1.01
1999-07−1.06
1999-06−0.91
1999-05−0.98
1999-04−0.59
1999-03−0.41
1999-02−0.43
1999-01−0.70
1998-12−0.75
1998-11−0.71
1998-10−0.84
1998-09−1.02
1998-08−0.42
1998-07−1.14
1998-06−0.68
1998-05−1.23
1998-04−0.87
1998-03−0.47
1998-02−0.76
1998-01−0.62
1997-12−0.80
1997-11−0.70
1997-10−0.57
1997-09−0.17
1997-08−0.24
1997-07−0.57
1997-06−0.52
1997-05−0.46
1997-04−0.55
1997-03−0.10
1997-02−0.82
1997-01−0.94
1996-12−0.46
1996-11−0.90
1996-10−0.56
1996-09−0.31
1996-08−0.32
1996-07−0.25
1996-06−0.23
1996-05−0.60
1996-04−0.14
1996-03−0.02
1996-02−0.29
1996-01−0.74
1995-12−0.20
1995-11−0.61
1995-10−0.30
1995-09−0.63
1995-08−0.46
1995-07−0.57
1995-06−0.46
1995-05−0.62
1995-040.03
1995-030.01
1995-02−0.23
1995-01−0.02
1994-12−0.33
1994-11−0.33
1994-10−0.35
1994-09−0.32
1994-08−0.15
1994-07−0.30
1994-06−0.19
1994-05−0.11
1994-040.01
1994-03−0.12
1994-020.17
1994-010.21
1993-12−0.33
1993-11−0.16
1993-10−0.05
1993-09−0.24
1993-08−0.11
1993-07−0.13
1993-06−0.28
1993-05−0.05
1993-040.05
1993-030.23
1993-02−0.07
1993-01−0.04
1992-12−0.44
1992-11−0.35
1992-10−0.11
1992-09−0.38
1992-08−0.15
1992-07−0.56
1992-06−0.64
1992-05−0.50
1992-04−0.40
1992-030.05
1992-02−0.17
1992-010.06
1991-12−0.26
1991-11−0.13
1991-10−0.26
1991-09−0.06
1991-08−0.11
1991-07−0.01
1991-06−0.45
1991-05−0.24
1991-04−0.05
1991-03−0.14
1991-02−0.42
1991-01−0.59
1990-12−0.68
1990-11−1.02
1990-10−0.65
1990-09−0.70
1990-08−0.37
1990-07−0.29
1990-06−0.33
1990-05−0.31
1990-04−0.44
Why it matters

India runs a goods deficit every month; services and remittances cover part of it, which is why the current account deficit is much smaller than the goods deficit.

What it leaves out

Goods only. The Commerce Ministry also publishes a combined goods-and-services balance, which is much smaller.

How we compute it

Merchandise exports minus merchandise imports, as published for the month.

RelatedGoods exports →Current account →Remittances →
Past-paper questionsIndia's external sector and trade policy →Balance of payments and exchange rates →
Source · Ministry of Finance (GST) and Ministry of Commerce and Industry (trade), monthly press releases via PIB (entered by hand) · PIB: may be reproduced free of charge with the source acknowledged
Unit · US$ bn · worked out by us
Release · Ministry of Commerce and Industry's monthly release, around the 15th of the following month.
Last checked · 2026-10-22 · freshness of every number →
Series id · external.trade.balance