As per the data from the Union Ministry of Commerce and Industry, India recorded a trade deficit with 9 of its top 10 trading partners in the Fiscal Year 2023-24 (FY 2023-24).
Key Highlights:
- India’s largest trading partners in descending order are China, USA, UAE, Russia, and Saudi Arabia.
- India’s trade deficit with China, Russia, South Korea, and Hong Kong increased compared to FY 2022-23, while it decreased with UAE, Saudi Arabia, Indonesia, and Iraq.
- The top 5 trading partners with whom India has a trade surplus are the US, Netherlands, UK, Belgium, and Italy.
Ref: Source
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