India's trade deficit with nine of its top 10 trading partners
Two-way trade with China is expected to reach $118.4 billion in 2023-24, overtaking the US to become India's largest trading partner. Bilateral trade between India and America stood at Rs 118.28 billion in 2023-24. India has free trade agreements with its four major trading partners: Singapore, UAE, South Korea, and Indonesia (as part of the Asian bloc).
India's trade deficit with nine of its ten largest trading partners—China, Russia, Singapore, and South Korea—will exist in FY 2023–2024. A trade deficit is the amount that separates imports and exports. Additionally, compared to the previous fiscal year 2022–2023—the data indicates that the deficit with China, Russia, South Korea, and Hong Kong has grown.
The trade deficit with Saudi Arabia, the United Arab Emirates (UAE), Indonesia, Russia, and Iraq decreased. During the fiscal year 2023–2024, the trade deficit is expected to rise to $85 billion with China, $57.2 billion with Russia, $14.71 billion with South Korea, and $12.2 billion with Hong Kong.
Two-way trade with China is expected to reach $118.4 billion in 2023-24, overtaking the US to become India's largest trading partner. Bilateral trade between India and America stood at Rs 118.28 billion in 2023-24. India has free trade agreements with its four major trading partners Singapore, UAE, South Korea, and Indonesia (as part of the Asian bloc). India had a trade surplus of $36.74 billion with the US in 2023-24.
