Mumbai: India is expected to have a trade deficit with nine of its top ten trading partner countries in FY 2023-24. These nine countries include China, Russia, Singapore and Korea.
According to government data, the trade deficit with China, Russia, Korea and Hong Kong has increased in FY 2023-24 compared to 2022-23, while the trade deficit with UAE, Saudi Arabia, Iraq and Indonesia has reduced.
The trade deficit with China increased to $85 billion in the ended financial year from $83.20 billion in FY 2022-23. The trade deficit with Russia has increased from $43 billion to $57.20 billion.
China has been India's largest trading partner with bilateral trade of $118.28 billion in the financial year 2023-24. Earlier, the US was India's leading trading partner in the financial years 2021-22 and 2022-23.
India has free trade agreements with four of its top trading partners – Singapore, the UAE, Korea and Indonesia, Commerce Ministry sources said.
The figures also show that India's trade with the US was $36.74 billion in the last financial year. Apart from this, India has also been at par with Britain, Italy, France and Bangladesh.
The country's total trade deficit was $238.30 billion in the last financial year, which increased to $264.90 billion in the financial year 2022-23.