Despite contraction in exports, India’s merchandise trade deficit improved in 2023-24, owing to steeper drop in imports. However, the trade deficit with China & Russia widened.
Smaller deficit this year could be down to slowing Chinese economy. In terms of volume, Indian exports to China remain roughly one-tenth of Chinese exports to India.
Indian commerce ministry data shows imports in October stood at $65.03 billion, exports were $33.57 billion. At $60 billion for April-October 2023, Chinese imports double that of Russia’s.
Modi to attend Indonesia meet just days before G20 Summit. India, whose trade deficit with bloc stood at $43.57 bn in FY23, ‘keen’ to hold at least one meeting reviewing 2009 trade pact.
Current account deficit stood at $1.3 billion in 4th quarter of fiscal year 2022-23, compared with revised deficit of $16.8 billion in preceding October-December quarter.
Majority of the country's deficit is due to negative balance in merchandise account. India usually runs a surplus in services & remittances, but incurs deficit in trade of merchandise.
RBI data shows that India's CAD was around $23.90 billion in the first quarter of FY-22/23. Following the rising prices of commodities globally, the trade deficit also has been affected.
The next time you see a post featuring a sari-clad woman at a party or a travel reel from an unknown location, ask yourself — how does her joy threaten yours?
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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