Priya
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New Delhi. India has faced a trade deficit with nine of its top 10 trading partners, including China, Russia, Singapore and South Korea, during the financial year 2023-24. The difference between imports and exports is called the trade deficit. The data also shows that the deficit with China, Russia, South Korea and Hong Kong has increased in the last financial year as compared to 2022-23.
At the same time, the trade deficit with the United Arab Emirates (UAE), Saudi Arabia, Russia, Indonesia and Iraq decreased. In the financial year 2023-24, the trade deficit with China increased to $ 85 billion, with Russia $ 57.2 billion, with South Korea $ 14.71 billion and with Hong Kong $ 12.2 billion.
Bilateral trade with China was $118.4 billion in 2023-24, surpassing the US to become India's largest trading partner. Bilateral trade between India and the US was $118.28 billion in 2023-24. India has free trade agreements with its four major trading partners Singapore, UAE, South Korea and Indonesia (as part of the Asian bloc). India had a trade surplus of $36.74 billion with the US in 2023-24.
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