India’s Trade Deficit
India recorded a trade deficit with 9 out of its top 10 trading partners in FY 2023-24, according to the Union Ministry of Commerce and Industry as announced in June 2024.
- A trade deficit occurs when imports exceed exports, with India’s total trade deficit reaching $240 billion in 2023-24.
Major Trading Partners
- China remained India’s largest trading partner, followed by the USA, UAE, Russia, and Saudi Arabia.
- The trade deficit with China widened to $100 billion, while it also increased with Russia, South Korea, and Hong Kong.
- However, the deficit narrowed with the UAE, Saudi Arabia, Indonesia, and Iraq.
Trade Surplus
- India maintained ....
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