India’s merchandise trade deficit widened to $23.5 billion in July of 2024 from $20.7 billion in the corresponding period of the previous year, marking a sharp swing from the 11-month low of $15.6 in March. Imports grew by 7.5% from the previous year to $57.5 billion as higher energy prices increased the turnover for one of India’s major foreign purchases, with crude oil imports standing at $13.8 billion. Additionally, gold imports rose by $70 million to $3.13 billion, supported by the slash in duties for gold imports enacted by India’s new budget. In the meantime, exports contracted by 1.5% annually to $34 billion.

Infrastructure output in India rose 4% year-on-year in June 2024, following a 6.3% increase in May as output shrank for crude oil (-2.6% vs -1.1% in May 2024) and petroleum refinery products (-1.6% vs 0.5%). Moreover, output increased at a slower rate for natural gas (3.3% vs 7.5), steel (2.7% vs 6.7%) and electricity (7.7% vs 13.8%). In contrast, output rebounded for cement (1.9% vs -0.6%) and fertilizers (2.4% vs 1.7%), and growth accelerated for coal (14.7% vs 10.2%.

Business Confidence in India decreased to 127.20 points in the second quarter of 2024 from 130.30 points in the first quarter of 2024. Business Confidence in India averaged 119.05 points from 2000 until 2024, reaching an all time high of 139.30 points in the fourth quarter of 2021 and a record low of 96.40 points in the second quarter of 2009.

Consumer Confidence in India decreased to 97.50 points in May from 98.50 points in March of 2024. Consumer Confidence in India averaged 90.98 points from 2010 until 2024, reaching an all time high of 116.70 points in December of 2010 and a record low of 48.50 points in May of 2021.