Budget 2022: Trade Deficit with China Tops the Charts

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.

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