India has a trade deficit with as many as 27 major countries, including China, Australia, Iraq and Iran, during the last three years.
With these countries, India has trade deficit continuously during the last three years, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
She said India generally runs a deficit with those countries from which high-demand commodities are sourced.
These include items like crude oil, gold, diamond and fertiliser. In 2015—16, India’s trade deficit fell 14 per cent to $118.35 billion.
Other countries with which India has a trade gap include Indonesia, Korea, Germany, Canada, Taiwan, Russia and Ukraine.
In a separate reply, she said India’s exports have been adversely affected by recessionary trends across the globe, including in the EU and the U.S.
Published Date: May 10, 2016 08:05 am | Updated Date: May 10, 2016 08:05 am