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India’s Trade Deficit in 2023-24
May 31 , 2024
30 days
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- India recorded a trade deficit with nine of its top ten trading partners, including China, Russia, Singapore, and Korea, in 2023-24.
- The deficit with China, Russia, Korea, and Hong Kong increased compared to the previous fiscal year.
- It narrowed with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq.
- The trade deficit with China rose to $85 billion, Russia to $57.2 billion, Korea to $14.71 billion and Hong Kong to $12.2 billion in 2023-24.
- It was $83.2 billion, $43 billion, $14.57 billion and $8.38 billion, respectively, in 2022-23.
- China has emerged as India's largest trading partner with $118.4 billion of two-way commerce in 2023-24, edging past the U.S.
- The bilateral trade between India and the U.S. stood at $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 ASEAN bloc).
- India has a trade surplus of $36.74 billion with the U.S. in 2023-24.
- The surplus is also there with the U.K., Belgium, Italy, France and Bangladesh.
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