• Trade surplus refers to a situation when the value of exports is greater than import. • Trade deficit refers to a situation when the amount of import exceeds exports. • India's overall trade deficit, including both goods and services, has increased to USD 103.63 billion in 2018-19 from USD 84.45 billion in 2017-18. • Since 2014-2015 India has consistently run trade surplus with USA and UAE. • India has trade deficit continuously since 2014-15 with respect to other major trading partners i.e. China, Saudi Arabia, Iraq, Germany, Korea RP, Indonesia and Switzerland.