New Delhi, July 2
India’s trade deficit with China fell to $48.66 billion in 2019-20 on account of decline in imports from the neighbouring country, according to government data.
Exports to China in the last financial year stood at $16.6 billion, while imports aggregated at $65.26 billion, the data showed. The trade deficit between the countries was at $53.56 billion in 2018-19 and $63 billion in 2017-18.
China accounts for 14% India imports
China accounts for about 14% of India’s imports and is a major supplier for sectors like mobile phones, telecom, power, plastic toys, and critical pharma ingredients.
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.
New Delhi 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 being dumped in the domestic market at below the average prices from China with a view to guard domestic players from cheap imports. — PTI