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India had a trade surplus with 151 countries, including the US and the Netherlands, during the first half of this year, i.e. January to June 2024. Trade surplus means that the exports to these countries are more than the imports from them. On the other hand, the country faced a trade deficit with 75 countries, including China and Russia.
Don't worry about the import of crude oil and coal
Economic think tank Global Trade Research Initiative (GTRI) said that India does not need to worry about the trade deficit caused by crude oil and coal imports. Apart from this, it has also said that the country should focus on reducing the import of industrial goods. This is especially important for countries like China, as it can threaten India's economic sovereignty.
Highest trade surplus with America
According to the GTRI report, 'India had a trade surplus with 151 countries between January and June 2024, of which exports were 55.8 percent and imports were 16.5 percent. The highest trade surplus of $21 billion was with the US. The Netherlands was second, with which the trade surplus was $11.6 billion.
There was a trade deficit with 75 countries
On the other hand, exports to the 75 countries with which there is a trade deficit were 44.2 percent and imports were 83.5 percent. Thus, there was a trade deficit of 185.4 billion dollars. GTRI founder Ajay Srivastava said that India should also be cautious about the countries from which it mainly imports gold, silver and diamonds, because in the budget, the duty on these has been reduced from 15 percent to 6 percent.
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