India trades with all the countries of the world. In this matter, the US has been very lucky with India in the last few years. In fact, for the last few years, doing business with the US has always been a profitable deal for India. India’s largest trade surplus has been with the US. According to the latest report by the research institute Global Trade Research Initiative (GTRI), India’s trade surplus in the first half of the year has been with 151 countries. Whereas, there were 75 countries with which the country had to suffer losses while doing business. This means that trade deficit was seen. Let us also tell you what kind of GTRI figures have been seen.
Trade surplus with so many countries
India had a trade surplus with 151 countries, including the United States and the Netherlands, during the first half of this year, i.e. from January to June 2024. On the other hand, the country was facing a trade deficit with 75 countries, including China and Russia. The research institute Global Trade Research Initiative (GTRI) gave this information and said that India does not need to worry about the trade deficit caused by the import of crude oil and coal. GTRI also said that the country should focus on reducing imports of industrial goods. This is especially important for countries like China, because it can threaten India’s economic sovereignty.
Largest trade surplus with the United States
According to the report, between January and June 2024, India had trade with 151 countries, which accounted for 55.8 per cent of its exports and 16.5 per cent of its imports. During January-June this year, the largest surplus was recorded in the United States ($21 billion) and the Netherlands ($11.6 billion). On the other hand, India had a trade deficit with 75 countries, which accounted for 44.2 per cent of its exports and 83.5 per cent of its imports. This resulted in a loss of $185.4 billion.
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what gtri said
This situation shows the need to reduce dependence on specific imports and strengthen domestic production. GTRI founder Ajay Srivastava said that India should also be careful about the countries from where it mainly imports gold, silver and diamonds, because in the budget, tariffs on these have been reduced from 15 to 6 percent. However, the country’s biggest import bill is for crude oil. On the other hand, India has definitely tried to reduce imports by using dumping duties on Chinese products, but after that, most of the country’s imports also come from China.
