India’s Trade Deficit with Top Partners in 2023-24

• India faced a trade deficit with nine out of its top ten trading partners in the fiscal year 2023-24, according to official data. Notably, China emerged as India’s largest trading partner, surpassing the United States, with bilateral commerce totaling $118.4 billion.
• India experienced widening trade deficits with China, Russia, Korea, and Hong Kong compared to the previous fiscal year.
• The trade deficit with China rose to $85 billion, with Russia to $57.2 billion, with Korea to $14.71 billion, and with Hong Kong to $12.2 billion in 2023-24.
• India maintained a trade surplus of $36.74 billion with the United States, which is one of the few countries where India holds such a surplus.
• Notably, India has free trade agreements with four of its top trading partners: Singapore, the UAE, Korea, and Indonesia (as part of the Asian bloc).

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Published date : 28 May 2024 05:05PM