India's 2024 Trade Analysis: Surplus with 151 Nations & Deficit with 75

India's trade balance in the first half of 2024 shows a surplus with 151 countries, led by the US and Netherlands, but a significant deficit with 75 nations, including China and Russia. The Global Trade Research Initiative (GTRI) highlights the need for India to focus on reducing industrial goods imports to bolster economic sovereignty.

India recorded a trade surplus with 151 countries like the US and Netherlands, but faced a trade deficit with 75 nations, including China and Russia, during the first half of 2024, according to the Global Trade Research Initiative (GTRI).

GTRI emphasized that while the trade deficit stemming from crude oil and coal imports is not a major concern, India must concentrate on reducing imports of industrial goods, particularly from China, to safeguard its economic sovereignty.

The report revealed that India had a trade surplus of USD 72.1 billion with 151 countries, averaging 55.8% of its exports and 16.5% of its imports. However, the deficit with 75 countries amounted to USD 185.4 billion, with China alone contributing USD 41.88 billion to this figure.

(With inputs from agencies.)