New Delhi: Government of India is trying hard to increase the export of the country. The government is also getting success in this, but due to rapid growth in imports, the country is feeling disappointed on the trade deficit front. According to data, India’s trade deficit widened to $69 billion in the June quarter due to a weakening rupee and rising commodity prices. Of these, only 5 countries contributed $55.2 billion.
India’s total exports rose to $121 billion during the April-June quarter this year. However, during this period, India’s imports also increased to $190 billion. Thus India’s trade deficit during the June quarter was $69 billion. According to the data, the trade deficit during the June quarter widened by $14.5 billion compared to the previous quarter i.e. January-March 2022. Annually, it has seen a massive increase of $37.5 billion. India faced a trade deficit with 34 countries during the June quarter.
China: If we talk about this imbalance of trade i.e. India export import gap, neighboring country China is at the first place. According to sources, during the June quarter, India exported only $4.7 billion to China, while India imported $24.3 billion from China. Thus, India’s trade deficit with China stood at $19.7 billion in the June quarter. During this period, India purchased electronics goods worth $7.8 billion, engineering goods worth $6.5 billion, chemicals worth $5.5 billion and non-engineering goods worth $2.4 billion from China. China, on the other hand, purchased agricultural products worth $1.2 billion, chemicals worth $697 million and engineering goods worth $623 million from India during this period.
Iraq: India has the second largest trade deficit with Iraq. According to the information, during the June quarter, India had a trade deficit of 11.3 billion dollars with Iraq. India imported crude oil worth $11.4 billion and petroleum products worth $0.4 billion from Iraq during this period. At the same time, India exported agricultural products worth $312 million and chemicals and other manufactured goods worth $200 million to Iraq during this period.
Saudi Arabia: Saudi Arabia ranks third in terms of trade deficit. According to information, India has lost $9.3 billion in trade with Saudi Arabia in the June quarter. During this period, India imported crude oil worth $8.3 billion from Saudi Arabia. Apart from this, India has also imported petroleum products worth $1.5 billion and chemicals and chemical products worth $1.3 billion. On the other hand, Saudi Arabia purchased agricultural products worth $575 million, chemicals worth $419 million and engineering goods worth $626 million from India.
Russia: After the start of war with Ukraine, India’s crude oil imports from Russia have increased rapidly. The impact is clearly visible in the trade figures for the June quarter, which has pushed Russia to the fourth position in terms of trade deficit. During this period, India imported from Russia $7 billion worth of crude and petroleum products, $1.2 billion of chemicals and fertilizers and $01 billion of minerals and ores. While Russia imported chemicals and other manufactured products worth $316 million and agricultural products worth $117 million from India during the period.
UAE: The Gulf country United Arab Emirates is at number five on the list. According to the data, India had a trade deficit of $6.1 billion with this country in the June quarter. India was the largest importer of crude oil and petroleum products worth $8.6 billion from the UAE during the period under review. It was followed by diamonds and gems and precious stones worth $3.3 billion and engineering goods worth $1.1 billion. India exported to the UAE petroleum products worth $2.6 billion, engineering goods worth $1.2 billion, agricultural products worth $792 million, electronic goods worth $659 million and chemical products worth $484 million.