India-China trade deficit swells 34% to $48 billion

Trade deficit between India and China increased about 34 per cent to USD 48.43 billion in 2014-15 from USD 36.21 billion in the previous fiscal, Parliament was told on Wednesday.

India’s concern on the rising deficit has been discussed with China at various fora, including the highest level of leadership of the two countries, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

The issue is also likely to figure during the visit of Prime Minister Narendra Modi this week to China.

“In order to boost exports and address the widening trade deficit with China... the government has taken a number of initiatives to identify specific product lines with export potential, actively taking up issues relating to tariff and non-tariff barriers in bilateral meetings and institutional dialogues,” she said.

According to provisional figures, in 2014-15, India’s exports to China stood at USD 11.95 billion while imports were USD 60.39 billion.

In a separate reply, she said India has consistently sought greater market access for India’s exports to China, especially in fields like pharmaceuticals, agriculture bovine meat and IT services.

In a separate reply, the minister said there are three land customs station on India-China border — Gunji (Uttarakhand), Sherathang/Nathu-La (Sikkim) and Shipki-La/Namgia (Himachal Pradesh).

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Printable version | May 28, 2022 8:07:37 am |