The latest data released by the think tank Global Trade Research Initiative (GTRI) shows India's trade surplus to 151 countries comprised 55.8% of its exports and 16.5% of imports, value at total $72.1 billion.
Key Findings:
The US and the Netherlands accounted for a trade surplus of $21 billion and 11.6 billion, respectively. In the trade deficit, India's goods and services exports stood at 44.4% and imports at 83.5%, a deficit of $185.4 billion. Of these, India had a trade deficit of over $1 billion each with 23 countries.
The Outlook for India's Foreign Trade:
In terms of outlook, the GTRI report says the global trade outlook for 2024 is cautiously optimistic, with GDP growth expected around 3%, but challenges like inflation and protectionist measures may impact trade.
Global Trade Research Initiative (GTRI) is a research Group focused on Climate Change, technology and trade. GTRI aims to create high-quality and jargon-free outputs for governments and industry from the perspective of development and poverty reduction.
The Outlook here is given for global trade. Rightly so, it took 3 economic powers in China, India and US. I can see that for the next century, global trade will rotate around them.
This is good stuff. The surplus must be from certain "unknown middle man" activities. Nonetheless this is why India is stronger diplomatically as opposed to Western bloc.
India is definitely getting stronger diplomatically. Which country doesn't want India to be in their side right now?! The surplus is there because US is just importing more from India. US want that China should not longer be the sole gamer in the world economics.
India's foreign trade hit a record $849 billion in the first half of 2024, [...]"
"Industrial products led India's exports with $140.79 billion, while agriculture, meat and processed food exports faced a sligh decline, [...]"
During recent shopping which included Dollar Tree and Walgreens I got jalapeños, berry jam, cashews, and a handful of other items in which I later noticed they were imported, from India. I don't think I've ever noticed packaged foodstuffs coming from India before -- at least not a variety of items like this.
India has been stepping foot into packaged food very recently. The companies have been trying for a long time but somehow they couldn't manage to cope with the extremely hard rules for food in Europe and USA.
Wow, India is doing a lot these past couple of years. This research of yours goes to show how far-reaching their clout is when it comes world economics. We just have to read between the lines. The deficit also show how dependent they are with regards to the rest of the data that you have presented.
the GTRI report says the global trade outlook for 2024 is cautiously optimistic, with GDP growth expected around 3%, but challenges like inflation and protectionist measures may impact trade
India is working on this. India will not let this affect its trade.
The important metric for India is increasing income per capita and increasing agricultural productivity so more workers can pivot to non agricultural industries