India has trade deficit with 27 countries for last three years: Govt

India has a trade deficit with as many as 27 major countries, including China, Australia, Iraq and Iran, in the last three years.

India has a trade deficit with as many as 27 major countries, including China, Australia, Iraq and Iran, in the last three years.

Nirmala Sitharaman said India runs a deficit with countries from which high-demand commodities are sourced. (Mohd Zakir/HT File Photo)

With these countries, India has trade deficit 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 such as crude oil, gold, diamond and fertiliser.

In 2015-16, India’s trade deficit fell 14% 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 European Union and the United States.

India’s agriculture exports during April-February 2016 worked out at $18.78 billion as against $18.69 billion in 2014-15, the minister said.

“Keeping in view the high domestic consumption base and limited arable land, India’s share in world agricultural exports cannot be termed as low,” she asserted.