India • External sector

India — Balance of Payments

Data through 31 Mar 2026 india-external-sector-reference-v1 Azure SQL serving model

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Merchandise deficit

Provisional

−$333B FY26

Current account balance

Verified

−$32B 2024

Services surplus

Provisional

+$213B FY26

Foreign-exchange reserves

Verified

+$643B 2024

Overall trade gap

Provisional

−$119B FY26

Featured chart • USD billions

Merchandise trade and external buffers

Calendar-year trade flows and period-end foreign-exchange reserves.

2014–2024

Detailed analysis

Four views behind the headline

All values respond to the applicable country, currency, frequency and period filters.

Current account

Deficit, surplus and adjustment

2017 −$38.17B

2018 −$65.6B

2019 −$29.76B

2020 +$32.73B

2021 −$33.42B

2022 −$79.05B

2023 −$31.96B

2024 −$32.02B

Fiscal balance

Current, capital and overall accounts

FY21

FY22

FY23

FY24

FY25

Current Capital Overall

Monthly trade

Exports and imports by available period

Partial series

Oct FY25

Nov FY25

Dec FY25

Feb FY25

Jun FY26

Jul FY26

Oct FY26

Nov FY26

Dec FY26

Jan FY26

Feb FY26

Mar FY26

Exports Imports

Account composition

Balance of Payments components

Merchandise

−$287B

Services

+$188.8B

Primary income

−$50B

Remittances and transfers

+$124.6B

Current account

−$23.6B

FDI

+$1B

FPI

+$3.6B

NRI deposits

+$16.2B

Loans, banking and other

+$23.2B

Capital account

+$44B

Overall balance

+$20.4B

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