India Narrows Trade Deficit With China By $10 billion In FY19, Thanks To Reduced Imports and Increased Exports

The trade deficit between India and China has come down in the financial year (FY) 2019 owing to the reduced Indian imports along with increased exports, reports Financial Express.

According to the report, the Indian imports from China declined by 8 per cent to $70 billion in FY2019 while the exports to China went up by 31 per cent to $17 billion in the same period, reducing the trade deficit by $10 billion to $53 billion in the 2019 fiscal.

To further provide an impetus to its intent and momentum, India had recently shared with China a list of 380 products of textiles, horticulture, pharmaceuticals etc to benefit from the great export potential such products have in China . Also, over 100 Indian producers of a host of goods are set to present their offerings at the much touted second edition of China International Import Expo which is scheduled to be held in November 2019, later this year.

India has been putting in an all-out effort to cash in on the opportunities which the ongoing trade war between United States and China has to offer and is therefore has been involved in a sustained dialogue with Chinese authorities to ensure better market access to more Indian products.