India's trade surplus with the UK has grown marginally over the past decade and it is anticipated that the tariff concessions under recently agreed upon Free Trade Agreement are expected to improve overall trade, according to a report by ratinga agency ICRA. Merchandise trade between India and the UK increased at a CAGR of 1 per cent between 2014-15 and 2023-24, with imports increasing at a CAGR of 6 per cent compared to exports at a CAGR of 4 per cent. The trade surplus has increased marginally to USD 4.5 billion in 2023-24 from USD 4.3 billion in 2014-15.