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India Achieves Trade Surplus with 151 Countries but Faces Deficit with China & Russia admin September 16, 2024

India Achieves Trade Surplus with 151 Countries but Faces Deficit with China & Russia

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India Achieves Trade Surplus with 151 Countries but Faces Deficit with China and Russia

 
In the first half of 2024, India’s foreign trade dynamics showcased both successes and challenges. According to the latest data, 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 (surpluse of USD 21 billion) and the Netherlands (Surplus of USD 11.6 billion).
 
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 huge deficit of USD 41.6 billion (imports USD 50.1 billion against exports of just USD 8.5 billion).

Russia followed with a deficit of USD 31.9 billion, (Imports USD 34.4 billion compared to exports of just USD 2.5 billion).
 
India’s foreign trade touched a record-breaking USD 849 billion during Jan-June’24, marking a 5.8% increase from the previous year.

This growth was fuelled by a 6.05% rise in exports, with industrial products leading the charge at USD 140.79 billion. However, agricultural exports faced a downturn, notably a 40.47% decrease in sugar exports.
 
In 2023-24, China was India's top trading partner, but from January to June’24, 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% rise.
 
India’s trade deficit with China remains a critical concern.

 
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