India has a trade deficit with 9 of its top ten trade partners this year as the increase in exports has not been able to outgrow the escalating imports from around the world. According to data available on Department of Commerce website, barring US, India has imported more merchandise goods from its top trade partners.Actually, the deficit with China is at a historic high this year, when the country has had constant spats with its northern neighbour with several border disputes which led to bans on Chinese digital Apps like TikTok and Weibo. Clearly, the sabre rattling with China has not resulted in any substantial reduction in trade between the traditional rivals.
Between April-Nov 2021-22, India’s trade deficit had trotted up to $115 billion in which China’s share was a whopping $43B. Other major countries running up deficit with India were oil exporting countries like Iraq, Saudi Arabia and UAE who benefitted from rising price of crude oil. Switzerland had a $16b trade deficit as Indians imported a record $55.8b worth of gold this year. The only exception was United States with which India had a trade surplus of $21b.
Also Read: Budget 2022: Trade Deficit with China Tops the Charts
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