India has trade surplus with 151 nations, deficit with 75, reveals GTRI data
During the first half of this year, India had a trade surplus with 151 countries, including the US and the Netherlands, while it had a trade deficit with 75 countries, including China and Russia. According to the Global Trade Research Initiative (GTRI), India need not be concerned about the trade deficit resulting from its imports of coal and crude oil. Instead, India should concentrate on lowering its imports of industrial goods, particularly those from China, as these imports pose a threat to India’s economic sovereignty.
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 $72.1 billion. The biggest surpluses were with the USA ($ 21 billion) and the Netherlands ($11.6 billion). Meanwhile, the trade deficit with 75 countries accounted for 44.2 per cent of its exports and 83.5 per cent of its imports, resulting in a $185.4 billion deficit.
The report further pointed out that out of 75 nations, 23 had a trade deficit of more than $1 billion; these 23 countries made up 73.5 per cent of India’s imports and 32.9 per cent of its exports.
Moreover, China at $41.88 billion, Russia at $31.98 billion, Iraq at $15.07 billion, Indonesia at $9.89 billion and the United Arab Emirates at $9.47 billion, were the top five countries with the largest trade imbalances.
The remaining eighteen nations that have trade deficits greater than one billion dollars are Saudi Arabia ($9.43 billion), Switzerland ($8.46 billion), South Korea ($6.93 billion), Japan ($6.13 billion), Qatar ($5.76 billion), Hong Kong ($5.21 billion), Taiwan ($4.28 billion), Australia ($3.34 billion), Thailand ($2.60 billion), Germany ($2.10 billion), Vietnam ($2.07 billion), Malaysia ($1.49 billion), Venezuela ($1.47 billion), Peru ($1.10 billion) and Ireland ($1.10 billion).
Talking about the report, GTRI Founder Ajay Srivastava said, “The country may keep a watchful eye about the trade deficit with 4 out of the 23 countries that primarily export gold, silver and diamonds to India as tariff cuts in gold and silver in this budget from 15 per cent to 6 per cent may lead to rise in imports.”
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