India runs trade deficit with 9/10 top partners
India recorded a trade deficit with nine of its top ten trade partners in the first seven months of 2023-24, with the US being the only country with which exports exceeded imports.
India's trade surplus with the US — its largest trading partner — was $19.59 billion in the April-October period, show data from the commerce and industry ministry. However, with China, the second largest partner, the deficit was a whopping $51.11 billion, followed by a $33.56 billion gap with Russia, the fourth largest trade partner of India.
The deficit with the third largest trade partner, the UAE, was $6.83 billion.
«With Russia, the imports are of petrol, high calorific value coal, coke and briquettes, and fertiliser, especially potash.
Our exports of gems and jewellery to Hong Kong and the US have declined,» said an official. With Hong Kong, the trade gap was $7.59 billion.
For the April-November period of FY24, India's total merchandise exports contracted 6.51% to $278.8 billion, while imports fell 8.67% to $445.15 billion, according to data released in December.
A trade deficit was recorded with Saudi Arabia, Indonesia, Iraq, Singapore and South Korea as well in the April-October period.
«With Indonesia, the trade deficit is because of edible oil.
