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India saw a trade deficit with nine of its top 10 trading partners in the last fiscal (FY24), official data show. Its total FY24 trade deficit narrowed to $238.3 billion compared to $264.9 billion in FY23.

The deficit with China, Russia, South Korea and Hong Kong increased in FY24 compared to FY23, while the gap with the United Arab Emirates, Saudi Arabia, Russia, Indonesia and Iraq narrowed.

India saw a trade deficit with nine of its top 10 trading partners in FY24.
Its total FY24 trade deficit narrowed to $238.3 billion compared to $264.9 billion in FY23.
The deficit with China, Russia, South Korea and Hong Kong increased in FY24 compared to FY23, while the gap with the United Arab Emirates, Saudi Arabia, Russia, Indonesia and Iraq narrowed.

The FY24 trade deficit with China, Russia, South Korea and Hong Kong rose to $85 billion, $57.2 billion, $14.71 billion and $12.2 billion compared to FY23’s $83.2 billion, $43 billion, $14.57 billion and $8.38 billion respectively.

China was India’s largest trading partner with $118.4 billion worth two-way commerce in FY24, leaving behind the United States, a news agency reported.

India-US bilateral trade stood at $118.28 billion in FY24. The United States was the top trading partner of India during FY22 and FY23. India had a trade surplus of $36.74 billion with the United States in FY24.

Surpluses were recorded with the United Kingdom, Belgium, Italy, France and Bangladesh as well in the last fiscal.

Fibre2Fashion News Desk (DS)



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