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India's trade deficit with China dips to $44 billion in 2020-21

Imports from China during 2018-19, 2019-20 and 2020-21 were worth $70.32 billion, $65.26 billion and $65.21 billion

trade deficit | India China relations | Indian Economy

Press Trust of India  |  New Delhi 

India China, trade deficit, exports, imports

India's with China has declined from USD 53.57 billion in 2018-19 to USD 44.02 billion in 2020-21, Minister of State for Commerce and Industry Anupriya Patel said on Friday.

Exports to China has increased to USD 21.19 billion in 2020-21 from USD 16.61 billion in 2019-20, Patel said in a written reply to the Rajya Sabha. Exports were USD 16.75 billion in 2018-19.

Imports from China during 2018-19, 2019-20 and 2020-21 were worth USD 70.32 billion, USD 65.26 billion and USD 65.21 billion, respectively.

In a separate reply, she said the decline in India's export of automobiles, including cars, is largely due to global economic slowdown and supply chain disruptions due to Covid-19 pandemic.

"With a view to create a conducive manufacturing ecosystem and to enable integration with global supply chains, the Union Cabinet on 11th November, 2020 has given approval to introduce the Production-Linked Incentive (PLI) Scheme for Automobiles and Auto components, with a financial outlay of Rs 57,042 crore over a five-year period, to make the Indian Automotive Industry more competitive," she added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, August 06 2021. 15:44 IST