One of President Donald Trump’s bargaining chips when he meets with Indian Prime Minister Narendra Modi in Washington is the bilateral trade balance—or imbalance. Globally, India had a deficit of $105 billion on total trade of $609 billion last year, meaning it imported far more than it exported, with the ledger most in favor of China and Saudi Arabia among its five-biggest partners. By contrast, the U.S. was by far the biggest net buyer of goods and services from India.