India’s trade deficit with FTA allies widening

New Delhi: India’s imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to $187.92 billion, according to think tank GTRI.

On the other hand, the country’s exports to the FTA (free trade agreement) partners rose 14.48 per cent to $122.72 billion in 2023-24 from $107.20 billion in 2018-19.

“From FY2019 to FY2024, India’s imports increased by 37.97 per cent, from $136.20 billion to $187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India’s global trade dynamics,” the Global Trade Research Initiative data showed.