India's trade deficit with China reduces to USD 48.66 bn in FY20

New Delhi: India's trade deficit with China fell to USD 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 USD 16.6 billion, while imports aggregated at USD 65.26 billion, the data showed.

The trade deficit between the countries was at USD 53.56 billion in 2018-19 and USD 63 billion in 2017-18.

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 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.

 

Asianet.in/Desk: Asianet Online