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India's trade deficit with China during April-October touches $51.5 billion India-China
Image Credit: Andy Li via Unsplash

India's trade deficit with China during April-October touches $51.5 billion

India Blooms News Service | @indiablooms | 09 Dec 2022, 10:10 pm

The India-China trade deficit has touched $51.5 billion during April-October in FY23, commerce and industry minister Piyush Goyal informed Parliament on Friday.

Trade deficit pertains to the difference between the value of goods imported from China and goods exported to the country.

In the fiscal year 2021-22, the deficit had jumped to $ 73.31 billion as compared to 44.03 billion in 2020-21, according to the data provided by Goyal in a written reply to the Rajya Sabha.

India’s merchandise exports to China have surged from $ 11.93 billion in 2014-15 to $ 21.26 billion in 2021-22, up 78.2 % over the last six years.

However, there has been a bigger increase in the imports from—$ 60.41 billion in 2014-15 to $ 94.57 billion in 2021-22.

Goyal clarified that many of the imports from China capital goods, intermediate goods and raw materials used in the electronics, telecom and power in India.

India's dependence on imports in these categories is largely due to the gap between domestic supply and demand, he added.

Replying to another question on imports from China, minister of state for commerce and industry Anupriya Patel said many imports are inputs for further manufacturing in India and exports from India.

The major goods imported from China include electronic goods, organic and inorganic chemicals, medicinal and pharmaceutical products, fertilisers, crude and manufactured and dyeing/tanning/colouring materials.