{
  "id": "trd-tradebal-042",
  "question": "How big is India's merchandise trade deficit?",
  "topic": "Trade & money",
  "unit": "US$ bn",
  "decimals": 1,
  "measures": "Merchandise exports minus merchandise imports in each financial year, in US dollars, as published by the RBI from DGCI&S customs data (the table's own Trade Balance column). A negative number is a deficit. Services trade is not included. The latest year is provisional.",
  "verified": true,
  "source": {
    "name": "RBI, Handbook of Statistics on the Indian Economy 2025-26, Table 111: India's Foreign Trade - US Dollar (DGCI&S data)",
    "url": "https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=23936",
    "table": "HBS 2025-26 Table 111, Trade Balance, Total (col. 10), US$ million, financial year",
    "licence": "RBI website terms of use"
  },
  "released": "2026-07-31",
  "retrieved": "2026-10-18",
  "nextDueBy": null,
  "processing": "US$ million divided by 1,000 to give US$ billion.",
  "exam": {
    "publisher": "Directorate General of Commercial Intelligence and Statistics (DGCI&S), Ministry of Commerce and Industry; republished by the RBI",
    "survey": "Handbook of Statistics on the Indian Economy 2025-26, Table 111: India's Foreign Trade - US Dollar",
    "frequency": "Annual, in the RBI Handbook; the latest year is provisional",
    "measures": "Merchandise exports minus merchandise imports in each financial year (the table's Trade Balance column)",
    "notes": [
      "A negative number is a deficit. Services trade is not included; net services receipts and remittances offset much of the goods deficit in the current account."
    ]
  },
  "targets": [],
  "values": [
    {
      "period": "2011-12",
      "start": "2011-04",
      "end": "2012-03",
      "value": -183.3556
    },
    {
      "period": "2012-13",
      "start": "2012-04",
      "end": "2013-03",
      "value": -190.336
    },
    {
      "period": "2013-14",
      "start": "2013-04",
      "end": "2014-03",
      "value": -135.798
    },
    {
      "period": "2014-15",
      "start": "2014-04",
      "end": "2015-03",
      "value": -137.6814
    },
    {
      "period": "2015-16",
      "start": "2015-04",
      "end": "2016-03",
      "value": -118.7167
    },
    {
      "period": "2016-17",
      "start": "2016-04",
      "end": "2017-03",
      "value": -109.2551
    },
    {
      "period": "2017-18",
      "start": "2017-04",
      "end": "2018-03",
      "value": -161.3398
    },
    {
      "period": "2018-19",
      "start": "2018-04",
      "end": "2019-03",
      "value": -183.971
    },
    {
      "period": "2019-20",
      "start": "2019-04",
      "end": "2020-03",
      "value": -161.4216
    },
    {
      "period": "2020-21",
      "start": "2020-04",
      "end": "2021-03",
      "value": -102.6274
    },
    {
      "period": "2021-22",
      "start": "2021-04",
      "end": "2022-03",
      "value": -191.0477
    },
    {
      "period": "2022-23",
      "start": "2022-04",
      "end": "2023-03",
      "value": -264.8989
    },
    {
      "period": "2023-24",
      "start": "2023-04",
      "end": "2024-03",
      "value": -236.9199
    },
    {
      "period": "2024-25",
      "start": "2024-04",
      "end": "2025-03",
      "value": -283.4269
    },
    {
      "period": "2025-26",
      "start": "2025-04",
      "end": "2026-03",
      "value": -333.2481
    }
  ],
  "page": "https://india.tf/c/trd-tradebal-042/",
  "csv": "https://india.tf/c/trd-tradebal-042/data.csv",
  "versions": "https://india.tf/c/trd-tradebal-042/versions.csv"
}