India Reports Trade Surplus with 151 Countries

India recorded a trade surplus with 151 countries, including the US and Netherlands, while facing a trade deficit with 75 nations, notably China and Russia, in the first half of 2024, according to the Global Trade Research Initiative (GTRI). The trade surplus amounted to USD 72.1 billion, representing 55.8% of exports and 16.5% of imports, with the largest surpluses with the USA (USD 21 billion) and the Netherlands (USD 11.6 billion). In contrast, the trade deficit totaled USD 185.4 billion, accounting for 44.2% of exports and 83.5% of imports, emphasizing the need for India to reduce its reliance on specific imports, particularly industrial goods from China. The analysis highlighted that the trade deficit exceeded USD 1 billion with 23 countries, including China (USD 41.88 billion) and Russia (USD 31.98 billion). GTRI advised that while crude oil and coal imports are less concerning, the focus should be on bolstering domestic production to mitigate economic vulnerabilities. This data underlines the importance of enhancing India's economic sovereignty and reducing trade imbalances.