{"id":296987,"date":"2024-05-27T18:05:32","date_gmt":"2024-05-27T12:35:32","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=296987"},"modified":"2024-05-27T18:05:32","modified_gmt":"2024-05-27T12:35:32","slug":"indias-trade-deficit-in-2023-24","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indias-trade-deficit-in-2023-24\/","title":{"rendered":"India’s Trade Deficit in 2023-24"},"content":{"rendered":"

Source<\/strong>-This post on India’s Trade Deficit in 2023-24 <\/strong>has been created based on the article “India records trade deficit with 9 of top 10 trading partners in 2023-24”<\/a><\/strong> published in \u201cThe Hindu<\/b>\u201d on 27 May 2024.<\/p>\n

Why in News?<\/h2>\n

According to the recently released official data, India recorded a trade deficit with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24.<\/p>\n

India\u2019s total trade deficit has narrowed to $238.3 billion in 2023-24. It is down from $264.9 billion the previous year.<\/p>\n

About India’s Trade Deficit in 2023-24<\/h2>\n
\"India
Source: The Hindu<\/figcaption><\/figure>\n

1. Trade Imbalance:<\/strong> India registered a trade deficit with nine out of its top ten trading partners<\/span> during the fiscal year 2023-24. The nations include China, Russia, Singapore, and Korea, among others.<\/span><\/p>\n

2. Comparative Data:<\/strong> Compared to the fiscal year 2022-23, the trade deficit widened with China, Russia, Korea, and Hong Kong.<\/span> Conversely, it narrowed with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq.<\/p>\n

3. Major Trading Partners:<\/strong><\/p>\n

a) China as Top Partner:<\/strong>\u00a0 In 2023-24, China surpassed the U.S. to become India\u2019s largest trading partner<\/span> with $118.4 billion in bilateral trade.<\/p>\n

b) Trade with the U.S.:\u00a0<\/strong> Bilateral trade was slightly lower at $118.28 billion. The U.S. was the top partner in the preceding two years.<\/span><\/p>\n

4. Trade Agreements and Surpluses:<\/strong><\/p>\n

a) Free Trade Agreements<\/strong>: India maintains free trade agreements with Singapore, the UAE, Korea, and Indonesia (as part of an Asian bloc).<\/span><\/p>\n

b) Trade Surplus:<\/strong> Notable surpluses were recorded with the U.S. ($36.74 billion), the U.K., Belgium, Italy, France, and Bangladesh.<\/p>\n

UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source-This post on India’s Trade Deficit in 2023-24 has been created based on the article “India records trade deficit with 9 of top 10 trading partners in 2023-24” published in \u201cThe Hindu\u201d on 27 May 2024. Why in News? According to the recently released official data, India recorded a trade deficit with nine of its… Continue reading India’s Trade Deficit in 2023-24<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10498],"class_list":["post-296987","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=296987"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296987\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=296987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=296987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=296987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}