On the positive side the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq has narrowed.
| Country | Trade deficit in 2022-23 ($ billion) | Trade deficit in 2023-24 ($ billion) |
| China | 83.2 | 83 |
| Russia | 43 | 58 |
| Korea | 14.57 | 14.71 |
| Hong Kong | 8.38 | 12.2 |
The largest trading partner of India, both in terms of imports and exports is China, with a bilateral trade valued at $118.4 billion in 2023-24, which has also surpassed the US. India has inked FTAs with Singapore, the UAE, Korea and Indonesia. The India-US bilateral trade stood at $118.28 billion in 2023-24. In fact, Washington stood at number one position in bilateral trade with India in 2021-22 and 2022-23. In the last FY, India has recorded a trade surplus with the US, estimated at $36.74 billion. The UK, Belgium, Italy, France and Bangladesh are some of the countries with whom India enjoys a trade surplus.
