India has recorded trade surplus with as many as 151 countries, while the country has a trade deficit with 75 nations during the first half of this year (2024), 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.
- 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% of its exports and 83.5% of its imports, resulting in a USD 185.4 billion deficit, much larger than India’s overall trade deficit.
- With 23 of 75 countries, India’s trade deficit exceeded USD one billion and these countries accounted for 32.9% of India’s exports and 73.5% of its imports.
- The top five countries with the highest trade deficits were China with USD 41.88 billion, Russia with USD 31.98 billion, Iraq with USD 15.07 billion, Indonesia with USD 9.89 billion, and the UAE with USD 9.47 billion.
- Goods whose share of China in India’s global imports are more than 50% include umbrellas, artificial flowers, man-made filaments, rolling stock, glassware, leather goods, ceramic products, toys, and musical instruments.
