Millennium Post

India's global trade up 16% to $ 767.9 bn in 2017-18

New Delhi: India's global trade increased by 16.32 per cent to $767.9 billion in 2017-18, according to the Commerce Department data.
In 2016-17, the trade stood at $660.2 billion.
"While India's global trade grew by 16.32 per cent between 2016-17 and 2017-18, India's total trade with LAC (Latin American countries) grew by 19.63 per cent," the department said in a series of tweets.
It said that bilateral trade with LAC including Bolivia, Peru, Chile and Brazil has recorded healthy growth in 2017-18 as per the provisional numbers.
"Bolivia has emerged as a major trade partner of India in LAC region with bilateral trade registering a growth of 205 per cent from $253 million in 2016-17 to $772.44 million in 2017-18," it said.
Similarly, two-way commerce with Brazil has increased to $8.56 billion in the last fiscal from $6.51 billion in 2016-17.
Bilateral trade with Chile grew to $2.85 billion in 2017-18 from $1.90 billion in the previous fiscal. "India's trade with LAC increased from $24.52 billion in 2016-17 to $29.33 billion in 2017-18," it added.
Meanwhile, according to a report, India is seeking more oil, drones and aircraft from the US to help narrow its $28 billion trade surplus amid rising concerns of possible collateral damage to its economy from President Donald Trump's trade spat with China. Asia's third-largest economy could bridge the surplus by up to $4 billion through oil imports alone, government officials said.
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