India logs trade deficit with 9 out of 10 trading partners; China tops at $83.2 bn
India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24. According to official data, the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed.
The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion, and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion, and USD 8.38 billion, respectively, in 2022-23. China has emerged as India’s largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US.
The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. India has a free trade agreement with four of its top trading partners – Singapore, the UAE, Korea, and Indonesia (as part of the Asian bloc).
India has a trade surplus of USD 36.74 billion with the US in 2023-24. America is one of the few countries with which India has a trade surplus. The surplus is also there with the UK, Belgium, Italy, France and Bangladesh.
Though having military standoffs at borders for the past four years, China has emerged as the largest trading partner of India with USD 118.4 billion in two-way commerce in 2023-24, slightly edging past the US.
According to the data of economic think tank GTRI, the bilateral trade between India and the US stood at USD 118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.
The data released by the Global Trade Research Initiative (GTRI) showed that India’s exports to China rose by 8.7 percent to USD 16.67 billion in the last fiscal. The main sectors that recorded healthy growth in exports from India to China include iron ore, cotton yarn/ fabrics/ madeups, handloom, spices, fruits and vegetables, plastic, and linoleum. Imports from China to India increased by 3.24 percent to USD 101.7 billion.[1]
Reference:
[1] China largest trading partner of India in FY24 with USD 118.4 billion – May 13, 2024, PGurus.com
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