India’s trade deficit with China reached $71.56 billion in the first ten months of 2022-23. Image for representation | Photo Credit: Getty Images
India’s trade deficit with China is set to reach $71.56 billion in the first 10 months of 2022-23, up just 1.7% from a record high of $73.31 billion in 2021-22, according to data shared by the commerce ministry in the Lok Sabha. billion dollars less.
Responding to MP Manickam Tagore’s question on whether the trade deficit with China is increasing every year, Minister of State for Commerce and Industry Anupriya Patel said that the trade deficit with China has decreased progressively every year from 2017-18 to 2020-21. Has happened. , “It has increased in 2021-22 as compared to 2020-21,” he said.
“The trade deficit with China was $1.48 billion in 2004-05, which increased to $36.21 billion in 2013-14, an increase of 2,346%,” Ms. Patel replied to another MP’s question on India’s trade with the country. said in.
“Against this massive increase, the trade deficit with China is set to increase by only 102% to $73.31 billion in 2021-22, from $36.21 billion in 2013-14,” Ms Patel said, contrasting the numbers under the current government with the previous one. .
The minister said most of the goods imported from China are capital goods, intermediate goods and raw materials and are used to meet the demand of fast-growing sectors such as electronics, telecommunications and power.
“India’s dependence on imports in these categories is largely due to the gap between domestic supply and demand. Some raw materials such as Active Pharmaceutical Ingredients (APIs) and drug formulations, auto components, mobile phone parts are also used to make finished products, which are also exported outside India,” concluded Ms. Patel.