Tuesday, September 21, 2021

India’s Trade Deficit With China Balloons To A Whooping $57 Billion

India’s trade deficit with China was standing at a whopping $56.8 billion in 2019, an official from China’s General Administration of Customs (GAC) stated. The deficit accounted for about 60 per cent of India’s total bilateral trade.

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Total bilateral trade between India and China stood at approximately $92.5 billion up 1.6 per cent year-on-year. China’s exports to India stood at $74 billion, up 2.1 per cent, and India’s exports to China totalled $17.8 billion, down 0.2 per cent year-on-year, said Huang Guohua, a vice-director of the GAC’s analysis department.

“Both China and India are important emerging economies. Strengthening exchanges and cooperation is of great significance for both countries and will promote global progress and prosperity,” Huang said at the briefing, which was held at China’s State Council Information Office.

Earlier, Beijing promised to address India’s growing concerns over the heightening trade deficit and suggested expanding cooperation in areas like industrial production, tourism and border trade to achieve “overall balance” in bilateral commercial relations.

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According to Indian external affairs minister S.Jaishankar – The bilateral trade between India and China has increased but so has the deficit, which is a matter of some concern. Jaishankar had stated –  “We appreciate the steps taken in the last few months by the Chinese side to enhance imports from India. These efforts could expand to include measures to enable greater access for our pharmaceutical and IT products and services in the domestic Chinese market,” he said at the 2nd meeting of the India-China High-Level Mechanism on Cultural and People-to-People Exchanges here.

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