India Achieves Trade Surplus With 151 Countries But Faces Deficit With China And Russia
(MENAFN- KNN India)
New Delhi, Sep
2 (KNN) In the first half of 2024, India's foreign trade dynamics showcased both successes and challenges. According to the latest data from the Global Trade Research Initiative (GTRI), India achieved a trade surplus with 151 countries, while facing deficits with 75 others.
India's trade surplus with these 151 nations, valued at USD 72.1 billion, represented 55.8 per cent of its exports and 16.5 per cent of its imports. Key contributors to this surplus included the United States and the Netherlands, with surpluses of USD 21 billion and USD 11.6 billion, respectively.
Conversely, India recorded a significant trade deficit of USD 185.4 billion with 75 countries. This deficit was largely driven by its trade with China and Russia.
China topped the deficit list with a staggering USD 41.6 billion, where imports amounted to USD 50.1 billion against exports of just USD 8.5 billion. Russia followed with a deficit of USD 31.9 billion, as its imports from India reached USD 34.4 billion compared to exports of USD 2.5 billion.
The GTRI's 'Half-Yearly Review of India's Foreign Trade 2024' highlighted a record-breaking USD 849 billion in total foreign trade during this period, marking a 5.8 per cent increase from the previous year.
This growth was fuelled by a 6.05 per cent rise in exports, with industrial products leading the charge at USD 140.79 billion. However, agricultural exports faced a downturn, notably a 40.47 per cent decrease in sugar exports.
In fiscal year 2024, China was India's top trading partner, but from January to June 2024, the United States emerged as the largest trading partner with total trade increasing from USD 59.4 billion to USD 62.5 billion, reflecting a 5.3 per cent rise.
Despite these gains, India's trade deficit with China remains a critical concern, illustrating the ongoing challenge of balancing trade relations with major global economies.
(KNN Bureau)
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