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India's Trade Deficit With China Rises to $38 Billion in Three Quarters of the Year

Chinese exports to India have crossed $50 billion for the year, up by 16.5 per cent, driven by Indian demand for machinery and electrical equipment. India, by contrast, mainly exports raw materials to China...

From: indiatoday.intoday.inDate: 2017-10-14 02:12:47Views: 721

India's trade deficit with China has risen to more than $38 billion after three quarters of the year, on track to exceed last year's record $46 billion figure.

New data released by China's General Administration of Customs on Friday showed that bilateral trade had reached $62.48 billion after nine months of the year, up 20 per cent year-on-year.

India's exports to China were up by 41 per cent, but accounted for only $11.92 billion of the two-way trade.

Chinese exports to India have crossed $50 billion for the year, up by 16.5 per cent, driven by Indian demand for machinery and electrical equipment. India, by contrast, mainly exports raw materials to China. Iron ore has in recent years been the biggest export, while cotton is another fast-growing export commodity.

This year, bilateral trade has recovered after two years of slowing growth, in part driven by the rebound in the Chinese economy after recent slowing appetite for resources, and is on track to cross last year's $71.63 billion figure. Both countries had previously set an ambitious target of $100 billion by 2015.

Chinese officials said on Friday that trade overall was "sound and steady" due to "a strong Chinese economy", with China's exports overall up 12.4 per cent and imports up 22.3 per cent.

Among China's biggest trading partners, trade was up 18.7 per cent with the U.S., 16.4 per cent with the EU and 14.9 per cent with Japan.

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