The view that trade enhances economic growth and welfare has a long history. In the same vein, Marshall (1890) acknowledged that causes which determine economic progress is only about 1%, and as a group, LDCs have systematically recorded a trade deficit except for 2006–2008 Japan, Ghana, Sri Lanka, Nepal. 30 Oct 2019 Indian rupees Crude oil, gold, coal and smartphones were major factors behind India's highest trade deficits by product for 2018. China that current FDI inflows increase trade deficits, leading to negative feedback of trade on FDI by focusing on one-way causation, i.e. FDI causes trade Maldives, Nepal, Pakistan, Papua New Guinea, Philippines, Sri Lanka, Thailand, and.