India’s trade deficit grows in 2023-24       

On the positive side the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq has narrowed.

The largest trading partner of India, both in terms of imports and exports is China, with a bilateral trade valued at $118.4 billion in 2023-24, which has also surpassed the US. India has inked FTAs with Singapore, the UAE, Korea and Indonesia. The India-US bilateral trade stood at $118.28 billion in 2023-24. In fact, Washington stood at number one position in bilateral trade with India in 2021-22 and 2022-23. In the last FY, India has recorded a trade surplus with the US, estimated at $36.74 billion. The UK, Belgium, Italy, France and Bangladesh are some of the countries with whom India enjoys a trade surplus.