India has recorded a trade deficit with nine of its top 10 trading partners, including China, Russia, and Korea, in the fiscal year 2023-24. The deficit with China, Russia, Korea, and Hong Kong increased, while it narrowed with the UAE, Saudi Arabia, Indonesia, and Iraq. Despite being the largest trading partner, India has a trade surplus with the US. The overall trade deficit narrowed, but experts warn of potential economic instability due to currency depreciation and increased external debt. Addressing the deficit requires a focus on boosting exports, reducing unnecessary imports, and developing domestic industries.
India’s Trade Deficit Widens with Top Partners in 2023-24
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