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India has a trade deficit with as many as 27 major countries, including China, Australia, Iraq and Iran, 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 US.
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