India had trade deficits with as many as 80 countries,including China,Australia and Iraq,in 2012-13. The top ten countries are China,Switzerland,Saudi Arabia,Iraq,Kuwait,Qatar,Venezuela,Nigeria,Australia and Indonesia,commerce minister Anand Sharma told the Lok Sabha in a written reply.
Contribution of trade deficit of these ten countries to our trade deficit is 76.5 per cent, he said adding that the global economic crisis,the sovereign debt crisis in Europe and the slowdown in developed economies have adversely impacted demand for Indias exports.
Due to the slowdown,trade deficit stood at $191.6 billion in 2012-13 with exports at $300.3 billion and imports at $491.9 billion. Given the falling exports,trade bodies have been making representations to the government seeking steps to arrest the decline.
In an another query related to Special Economic Zones,MoS for commerce and industry D Purandeswari said in a written reply to the lower house that as many as 58 SEZ developers have surrendered their projects till July 31 due to various reasons,including global economic slowdown and changed fiscal incentive regime.