India’s trade deficit with China is increasing continuously.
The dominance of Chinese products in the Indian market is continuously increasing. This can be estimated from Indian imports of Chinese products in the month of August, which have seen an increase of 16 percent. What is special is that there has been a huge drop in India’s exports to China. This means that the trade deficit between India and China has increased enormously.
According to government data, the country’s exports to a dozen countries have declined in the month of August. There has been an increase in imports from half a dozen states. According to government data, the country’s import level reached a record high in the month of August. Let us also tell you what kind of export and import figures have been seen from India with other countries apart from China.
Trade deficit with China continues to increase
India’s exports to China declined by 22.44 per cent to $1 billion in the month of August, while imports rose by 15.55 per cent to $10.8 billion. This means that in the month of August, India’s trade deficit with China stood at $9.8 billion. According to data from the Ministry of Commerce, during April-August of the current financial year, exports to China declined by 8.3 per cent to $5.8 billion, while imports rose by 10.96 per cent to $46.65 billion.
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As a result, the trade deficit increased to $35.85 billion. In the month under review, exports to the United States, the United Arab Emirates (UAE), Singapore, Bangladesh, Australia, South Africa, France, Nepal, Belgium and Turkey also decreased. During this period, the UAE, Switzerland, South Korea, Japan and Thailand also increased imports from Vietnam and Taiwan.
Exports to America decreased
According to the data, India’s exports to the US declined 6.29 per cent to $6.55 billion in August, while imports declined 6.3 per cent to $3.82 billion. During April-August of the current financial year, exports to the US rose 5.72 per cent to $34 billion, while imports rose 3.72 per cent to $19 billion. Due to this, the trade surplus stood at $15 billion. Similarly, the country’s imports from Russia declined nearly 40 per cent to $2.57 billion in August.
While, due to crude oil import, during April-August 2024-25, imports increased by 6.39 per cent to $27.35 billion. The US was India’s largest trading partner in the last financial year (2023-24). Next came China. China was India’s largest trading partner between 2013-14, 2017-18 and 2020-21. Before China, the UAE was the country’s largest trading partner. The US was the largest trading partner in 2021-22 and 2022-23.
