India-China India's trade deficit with China during April-October touches $51.5 billion
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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
