India has trade deficit with 75 countries; China, Russia top the list: GTRI

India had a trade surplus with 151 countries during the first half of the year, while it had a trade deficit with 75 nations. The countries with which India had a trade surplus included the U.S. and the Netherlands, while it countries including Russia and China reported trade deficit with India. The latest data released by the think tank Global Trade Research Initiative (GTRI) shows India's trade surplus to 151 countries comprised 55.8% of its exports and 16.5% of imports, value at total $72.1 billion.

The US and the Netherlands accounted for a trade surplus of $21 billion and 11.6 billion, respectively. In the trade deficit, India's goods and services exports stood at 44.4% and imports at 83.5%, a deficit of $185.4 billion. Of these, India had a trade deficit of over $1 billion each with 23 countries.

In trade deficit during the Jan-June period, China topped the list at $41.6 billion, as exports were $8.5 billion, while imports reached $50.1 billion. Russia followed with a trade deficit of $31.9 billion, with exports at $2.5 billion and imports at $34.4 billion.

The GTRI's 'Half-Yearly Review of India’s Foreign Trade 2024' shows India’s foreign trade hit a record $849 billion in the first half of 2024, marking a 5.8% increase compared to the same period in 2023, driven by a 6.05% rise in exports. Industrial products led India’s exports with $140.79 billion, while agriculture, meat, and processed food exports faced a slight decline, notably with a 40.47% drop in sugar exports.

In FY 2024, China was India's top trading partner, just ahead of the US. However, from January to June 2024, the United States became India's largest trading partner, with total trade growing from US$ 59.4 billion to US$ 62.5 billion, a 5.3% increase. India’s trade deficit with China remains substantial at $41.6 billion, with imports from China far exceeding exports.

India's foreign trade, comprising merchandise and services, reached a record $849 billion in the first half of 2024, up 5.8% from the same period in 2023.

Notably, India exports goods to 239 countries. Of these, 126 showed positive growth in exports, contributing to 75.3% of India's total exports. The GTRI's August report shows that major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China.

In terms of outlook, the GTRI report says the global trade outlook for 2024 is cautiously optimistic, with GDP growth expected around 3%, but challenges like inflation and protectionist measures may impact trade.