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India’s trade deficit with China reduces to $48.66 billion in FY20
Jul-03-2020

India’s trade deficit with China fell to $48.66 billion in last financial year (FY20) due to decline in imports from the neighbouring country. Exports to China in the last financial year stood at $16.6 billion, while imports aggregated at $65.26 billion. The trade deficit between the countries was at $53.56 billion in 2018-19 (FY19) and $63 billion in 2017-18 (FY18).

The main imports from China include clocks and watches, musical instruments, toys, sports goods, furniture, mattresses, plastics, electrical machinery, electronic equipment, chemicals, iron and steel items, fertilisers, mineral fuel and metals. India has time and again raised concerns over widening trade deficit with China.

The government is taking steps such as framing technical regulations and quality norms for several products to cut dependence on China for imports. It has also imposed anti-dumping duties on several goods which are being dumped in the domestic market at below the average prices from China with a view to guard domestic players from cheap imports.

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