What is Trade Deficit?

 Trade deficit is difference between import and export of any country. If imports are more than its export, the excess import amount will be trade deficit. For example, we have import of rs. 100 in India but export is just rs. 50. So india's trade deficit is Rs. 50

This trade will be of goods and services. Both financial and capital goods are included in it. So, we have to make three accounts in it. financial account, capital account and currentaccount. 

Now come to actual figure of trade deficit of India for FY 2021-22

FY 2021-2022 trade deficit of India is $192.41 billion. Total exports were $417.81 billion and total imports are $610.22 billion. So, imports are more than exports. That is reason we have trade deficit in the financial year 2021-2022 $ 192.41

Trade deficit of India from 1999 -2022  (in billion $)

Year Export Import Trade Deficit

1999-2000 36.3 50.2 -13.9

2000 43.1 60.8 -17.7

2001 42.5 54.5 -12.0

2002 44.5 53.8 -9.3

2003 48.3 61.6 -13.3

2004 57.24 74.15 -16.91

2005 69.18 89.33 -20.15

2006 76.23 113.1 -36.87

2007 112.0 100.9 11.1

2008 176.4 305.5 -129.1

2009 168.2 274.3 -106.1

2010 201.1 327.0 -125.9

2011 299.4 461.4 -162.0

2012 298.4 500.4 -202.0

2013 313.2 467.5 -154.3

2014 318.2 462.9 -144.7

2015[15] 310.3 447.9 -137.6

2016 262.3 381 -118.7

2017 275.8 384.3 -108.5

2018 303.52 465.58 -162.05

2019 330.07 514.07 -184

2020 314.31 467.19 -158.88

2021-22 420 612 -192

We have to stop to use of these things, if we have to decrease trade deficit of india because 

it is importing

The top 10 commodity imports 

Rank Commodity HS Code Value (US$ billion) Share (%)

1 Oil    27           177.5         38.3

2 Gems, precious metals, coins 71 60 13

3 Electronics 85 32 6.9

4 Machines, engines, pumps 85 31.2 6.7

5 Organic chemicals 29 18.3 4

6 Plastics 39 11.8 2.6

7 Iron and steel 72 11.4 2.5

8 Animal/vegetable fats and oils 15 10.7 2.3

9 Ores, slag and ash 26 7.4 1.6

10 Medical and technical equipment 90 7.1 1.5