Page 3 - India Trade Deficit

India in trade deficit with 9 of top 10 trading partners in 2023-24: Data

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. India has a free

April exports drop to five-month low on geopolitical woes, shows data

Trade deficit widens to $19.1 bn as gold imports treble

India's trade deficit widens to $19.1 billion in April: Commerce ministry

April trade data: India's exports rose to $34.99 billion, imports stood at $54.09 billion

India's exports shrink 3% in FY24 but tide is turning, says govt

India's trade deficit at 11-month low in March

India's Feb trade deficit at $18.71 billion, consistent with forecast

In February, services exports were $32.35 billion, while imports were $15.39 billion. In January, services exports were $32.80 billion and imports were $16.05 billion

India's current account deficit likely to narrow below 1% in FY24

CAD implies the country is importing more goods and services in value than exports

Exports brave ongoing Red Sea crisis to post 3.2% growth in January

Trade deficit inched up to $17.49 billion

Trade deficit falls to three-month low of $19.8 billion in December

Merchandise imports, meanwhile, grew 8.45 per cent to $58.25 billion, boosted by gold imports

Current account gap narrows to 1% of GDP at $8.3 bn in Q2FY24: RBI

The lower CAD in Q2FY24 was due to the narrowing of the merchandise trade deficit to $61.0 billion from $78.3 billion in Q2FY23

Increasing exports, reducing imports new way ahead for patriotism: Gadkari

Increasing exports and reducing imports is the new way ahead for patriotism and "swadeshi", and it will be a "new freedom" for India when not a drop of petrol or diesel is imported, Union Minister Nitin Gadkari said on Sunday. Addressing the 'Sagar Manthan 2.0' event organised by weekly magazine 'Panchjanya', the Union Minister of Road Transport and Highways also said stopping the import of petrol and diesel was linked to arresting terrorism in the world. "Till this import is not stopped, terrorism will not stop across the world. The aim of my life is to stop import of petrol and diesel. I consider it to be a new freedom for India when not a drop of petrol and diesel is imported into the country," he said. "The import bill for petrol and diesel stands at Rs 16 lakh crore now. If we reduce this import, the money we save will go to the poor. That is why we have introduced alternative fuels like bio fuel. Reduction in imports and increase in exports is the way forward for patriotism an

India's exports shrink again in Nov after Oct high; trade deficit narrows

The deficit had widened to a record $31.5 billion in October, as festival demand led to a sharp increase in the import of gold and silver

Meeting the deficit target

The pressure to rein in capital expenditure and collect more tax revenue may increase

India's exports decline 2.6% to $34.47 bn in September: Govt data

India's exports declined by 2.6 per cent to USD 34.47 billion in September this year as against USD 35.39 billion in the same month last year, government data showed on Friday. Imports too fell by 15 per cent to USD 53.84 billion as against USD 63.37 billion recorded in September 2022. The country's trade deficit in the month stood at USD 19.37 billion. During April-September this fiscal, exports contracted by 8.77 per cent to USD 211.4 billion. Imports during the six-month period fell by 12.23 per cent to USD 326.98 billion. Meanwhile, Commerce Secretary Sunil Barthwal said, "Negotiations for the India-UK FTA (free trade agreement) are going on and we are ironing out the differences.

India's exports shrink 6.9% in August; trade deficit hits 10-month high

Govt assures 'greenshoots' are clearly visible

Trade deficit with Saudi Arabia at record high in FY23: CMIE data

India's imports from Saudi Arabia was worth $31.3 billion more than its exports to the country

Trade deficit widens to $20.67 bn in July compared to $20.13 bn in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

India's trade deficit falls to $20.13 bn in June from $22.1 bn in May

Services exports in June were $27.12 billion, while imports were $15.88 billion

Exports contract for 4th straight month; trade deficit hits 5-month high

Imports decline 6.6% in May

India's trade deficit rises to $22.12 bn in May, highest since Dec 2022

In May, imports fell 6.6% to $57.1 billion, and exports declined 10.3% to $34.98 billion