NEWS – Data on India’s Trade Deficit in 2023-24 released

HIGHLIGHTS

• Deficit with Top 10 Partners
  • India’s trade deficit with nine out of the top 10 trading partners.
    • Including China, Russia, Singapore, and Korea.
  • Deficit Trends
    • Changes in the trade deficit compared to the previous fiscal year.
      • Deficit increase with China, Russia, Korea, and Hong Kong.
      • Deficit narrowing with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq.
    • Specific Deficit Figures
      • Trade deficit numbers for key partners.
        • China: $85 billion
        • Russia: $57.2 billion
        • Korea: $14.71 billion
        • Hong Kong: $12.2 billion
      • Shift in Trading Partners
        • China surpassing the U.S. as India’s largest trading partner.
          • Two-way commerce with China: $118.4 billion in 2023-24.
          • Two-way commerce with the U.S.: $118.28 billion in 2023-24.
        • Trade Agreements and Surpluses
          • India’s free trade agreements with select partners.
            • Trade surplus with the U.S.: $36.74 billion in 2023-24.
            • Other countries with which India has a trade surplus.
          • Overall Trade Deficit
            • India’s total trade deficit in 2023-24.
              • Decrease compared to the previous fiscal year.
              • Implications of a trade deficit on currency and imports.
              • Expert insights on managing trade deficits.