India recorded trade deficit with 11 RCEP countries in 2018-19
In the financial year 2018-19, India recorded a trade deficit with as many as 11 out of 16 member nations of planned Regional Comprehensive Economic Partnership (RCEP). While India had a trade surplus with Cambodia (US$ 0.1 billion), Myanmar (US$ 0.7 billion), and the Philippines (US$ 1 billion) in 2018-19 vis-à-vis the previous financial year, its trade surplus turned into deficit with Singapore (US$ 5.3 billion) in 2018-19.
India reported a marginal trade deficit with Brunei (US$ 0.5 billion), Japan (US$ 7.1 billion), and Malaysia (US$ 3.8 billion). The trade deficit also narrowed with Australia (US$ 8.9 billion), China (US$ 50.2 billion), Indonesia (US$ 10.1 billion), Korea (US$ 11 billion), New Zealand (US$ 0.2 billion) and Thailand (US$ 2.7 billion). The data for FY 2018-19 was not available for Laos.