India has positive balance of trade with US, Britain

NEW DELHI: Top ten countries which imported more from India than exported to the country in 2013-14 include the US, Singapore, the UK and Bangladesh.

Hong Kong, the Netherlands, Sri Lanka, Kenya, Nepal and Vietnam are also among the top ten countries whose imports from the country exceeded their exports, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

In 1990-91, such countries were USSR, Hong Kong, Bangladesh, Thailand, Sri Lanka, Egypt, Mauritius, Spain, Afghanistan and Nigeria, the minister said.

She also said that India's foreign trade (export + import) has increased from $42 billion in 1990-91 to $765 billion in 2013-14 with an annual average growth rate of 13.42 per cent and has increased 18 folds during the period.

The trade deficit has also increased during the period from $6 billion in 1990-91 to $136 billion in 2013-14.

Replying to a separate question on FTA with GCC, she said Gulf Cooperation Council (GCC) secretariat has informed that negotiations for a free trade agreement with all countries and economic groups have been deferred until it completely reviews the issue of talks.

"It was further informed that the secretariat general would inform India, the appropriate date to resume negotiations, as soon as GCC countries decide in the matter," she added.

India is in talks for a FTA with GCC. GCC include six nations including Kuwait, UAE, Oman and Saudi Arabia.