[Solved] Among the following countries India’s trade balance su (2024)

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[Solved] Among the following countries India’s trade balance su? ›

The correct answer is USA.

India has a trade surplus of $ 36.74 billion with the US in 2023-24. America is one of the few countries with which India has a trade surplus. The surplus is also there with the UK, Belgium, Italy, France and Bangladesh.

India trade balance for 2022 was $-124.91B, a 50.25% increase from 2021. India trade balance for 2021 was $-83.13B, a 690.53% increase from 2020. India trade balance for 2020 was $-10.52B, a 85.61% decline from 2019. India trade balance for 2019 was $-73.07B, a 28.13% decline from 2018.

China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce, narrowly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at $118.3 billion in 2023-24.

The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal).

Germany. Germany is among the top 10 countries with the highest trade surplus in the world. The country is a global export giant, having reached a staggering $1.62 trillion in exports in 2022. China remains Germany's biggest trading partner, followed by the Netherlands and the United States.

The trade deficit came at USD 101.28 billion as India's imports from China witnessed an increase by 118.77% to reach USD 118.77 billion, meanwhile India's exports to China decreased by 37.59% year on year to reach USD 17.49 billion, down for last year's net exports of USD 28.03 billion.

The Europeans came to India in phases. The first to come to India as traders were the Portuguese followed by, the British, the Dutch, the Danes and the French, who subsequently developed designs to be the political masters of India.

As per the world import export data, China is the world's largest trading nation, with a total import-export value of $4.6 trillion in 2020. China is known for its large-scale manufacturing industries and exports a wide range of products, including electronics, machinery, textiles, and chemicals.

Which country is India's largest trading partner? ›

China has emerged as India's largest trading partner with $118.4 billion of two-way commerce in 2023-24, edging past the U.S.

The largest portion of India's imports originated from China, representing more than 15 percent of the total imports in the financial year 2022, with the United Arab Emirates following at over seven percent. Conversely, during the same period, India's primary exports were directed towards the United States.

As of 2022, India has preferential access, economic cooperation and FTA with more than 50 individual countries.

The trade deficit between the two countries was $5.2 billion between April and November 2023 as against $8.6 billion in the corresponding period a year ago. Exports to Australia on preferential lines grew by 17.8% in the same period and grew by 15.14% on non-preferential lines.

India's trade deficit with China, Russia, South Korea, and Hong Kong increased as compared to 2022-23, while it narrowed with UAE, Saudi Arabia, Indonesia, and Iraq. USA, Netherlands, UK, Belgium, and Italy are the top 5 trading partners with which India has trade surplus.

Food grain and raw material exports from India to Britain and the rest of the world increased. But the value of British exports to India was much higher than the value of British imports from India. Thus Britain had a 'trade surplus' with India.

India Trade & Investment Summary

Exports were $73.0 billion; imports were $118.8 billion. The U.S. goods and services trade deficit with India was $45.7 billion in 2022. U.S. goods exports to India in 2022 were $47.2 billion, up 17.9 percent ($7.2 billion) from 2021 and up 113 percent from 2012.