Page 3 - India Trade Deficit

Wrong turn inwards: Exports no longer a manufacturing priority for India

For consumer welfare, greater economic resilience, a stable trade deficit, and sustainable growth, the country needs to start looking outward for new markets

'India has trade surplus with 151 nations; deficit with 75 during Jan-June'

India has recorded trade surplus with as many as 151 countries such as the US and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. The Global Trade Research Initiative (GTRI) said that India does not need to worry about the trade deficit from importing crude oil and coal, however, it must focus on reducing the industrial goods imports, especially from countries like China, as these threaten India's economic sovereignty. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent of its exports and 16.5 per cent of its imports, totalling USD 72.1 billion," GTRI said in a report. The biggest surpluses were with the USA (USD 21 billion) and the Netherlands (USD 11.6 billion) during January-June this year. "India had a trade deficit with 75 countries, which accounted for 44.2 per cent of its exports and 83.5 per cent of its imports,

US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI

The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...

India's exports fall 1.48% in July, trade deficit widens to $23.5 billion

Inbound shipments into the country rose 7.46 per cent to $57.48 billion during the month, leading to a trade deficit of $23.5 billion

India's exports dip 1.2% to $33.98 bn in July, imports up by 7.45%

India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review stood at USD 23.5 billion. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure. India's merchandise exports rose by 2.56 per cent to USD 35.2 billion in June, even as the trade deficit widened to USD 20.98 billion. Exports during April-July this fiscal increased 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.

India has highest trade deficit with China, gap narrowing: Piyush Goyal

India has the highest trade deficit with China in goods but the gap expanded at a lower pace during 2014-15 to 2023-24 as compared to the previous 10 years, Commerce and Industry Minister Piyush Goyal said on Friday. In a written reply to a question in the Rajya Sabha, the minister said that the trade deficit has increased by compound annual growth rate (CAGR) of 42.85 per cent during 2004-05 to 2013-14, while the same has come down to 6.45 per cent during 2014-15 to 2023-24 which clearly indicates the success of the government in containing rate of growth of excessive import growth from China during the past ten years. It may also be noted that from 2004-05 to 2013-14, trade deficit grew by approximately 24.8 times while it grew only by 1.75 times from 2014-15 to 2023-24, he said. "India has the highest merchandise trade deficit with China," Goyal said. India's exports to China in 2023-24 stood at USD 16.65 billion, while imports aggregated at USD 101.75 billion, leaving a trade .

From 68k crore, trade deficit in telecom has dropped to 4k cr: Scindia

Telecom gear sales crossed Rs 50,000 crore, exports at Rs. 10,500 under PLI, DoT said

Time for proper strategy to decrease dependence on China: Jairam Ramesh

Congress General Secretary Jairam Ramesh alleged that the conglomerate company has reportedly selected eight Chinese companies to help its solar projects

'Narrowing trade deficit, rise in remittances aid current account surplus'

India's current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade, according to a CRISIL report released on Wednesday. The country's current account recorded a surplus of USD 5.7 billion, which is 0.6 per cent of the GDP, in the fourth quarter of the last financial year. It was in deficit of USD 8.7 billion, equivalent to one per cent of GDP, in the third quarter of the 2023-24 fiscal, the report said. In the corresponding fourth quarter of 2022-23, the country's current account was also in deficit of USD 1.3 billion, which was 0.2 per cent of the GDP. "The improvement in current account balance to 0.6 per cent of GDP surplus in Q4 fiscal 2024, from a deficit of 0.2 per cent of GDP a year ago reflects improvement on all three fronts i.e. merchandise trade deficit narrowed, services trade surplus increased and remittances rose," the CRISIL report said. Finan

Trade deficit at 7-month high on rising imports; exports up 9% in May

Apart from petroleum products, items that drove import growth include transport equipment (31.88 per cent), silver (408 percent), vegetable oil (27.5 per cent) and pulses (181 per cent)

India's May exports rise 9.1%; merchandise imports up 7.7% at $61.91 bn

Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion

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