India’s trade deficit with China mounts to $9 bn in Jan-Apr
10 Jun 2014 4:32 AM IST
China's trade with South Asian nations including India has touched a whopping $100 billion even as the deficit in trade between the two countries neared $9 billion in the first four months of this year.
Trade volume between China and South Asian nations jumped from $35 billion in 2006 to about $100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more, state-run Xinhua news agency reported.The India-China trade topped much of the $100 billion as the bilateral trade totalled $65.47 billion in 2013 with trade deficit mounting to $31.42 billion.
Indian officials said the trade deficit averaged about $35 billion in the last three years.According to latest figures from China's customs, the total volume of the trade from January to April this year amounted to $21.98 billion. India's exports totalled $6.57 billion while the imports amounted to $15.41 billion — a deficit of $8.84 billion.
The huge trade deficit figured high on Sunday’s talks between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi in New Delhi. Wang arrived in India on a two-day visit to establish first contacts with the government of Prime Minister
Narendra Modi.
The two leaders discussed ways to increase Chinese investments in India through setting up industrial parks and infrastructure projects. They also discussed ways to address India's concern of huge trade deficit of nearly $40 billion.India also seeks access for Indian IT and Pharmaceutical companies into Chinese market and wants Beijing to ramp up its investments in the country from the present $900 million.
India and China also decided to inject new momentum in their economic ties with both countries pushing for exploring ‘untapped opportunities’ including setting up of industrial parks to take the bilateral trade beyond existing $65 billion annually. India has consistently been raising the issue of increasing trade deficit and seeking greater market access in China to bridge the gap. While a Chinese team has already visited India to identify locations, several Indian states have made presentations in the last few months outlining the facilities including land to be provided to potential Chinese investors.
At the ongoing second China-South Asia Expo, which kicked off on 6 June, in the capital city of Kunming in southwest China's Yunnan Province, officials and businessmen from China and South-Asian countries have pledged more investment, upgrade exports and domestic industries to seek trade balance.
Not only India but several South Asian nations including Sri Lanka and Bangladesh are pressing China to import more to offset the deficit. Bangladeshi Prime Minister Sheikh Hasina, who attended the Kunming expo, said China is welcome to import more clothes, handicrafts and leather products from Bangladesh.She hoped Chinese investors would focus more on high value-added goods in fields of medicine, ship-building and communication, the Xinhua report said. Sri Lanka wants collaboration in rubber, mineral and fish, and more investment in the country to eschew the deficit.
For its part China has promised to step up investments in almost all the South Asian countries.
In his talks with Hasina, Chinese Vice Premier Wang Yang said China is ready to work with Bangladesh to push the building of the 21st century maritime Silk Road and the construction of the Bangladesh-China-India-Myanmar economic corridor.
He said China will encourage Chinese companies to invest in Bangladesh and expand imports from Bangladesh, in order to improve the trade imbalance.
Wang told Nepal Prime Minister Sushil Koirala that China will encourage enterprises to invest in bilateral projects in road, hydropower, tourism and herbal medicine.
China also assured Maldives that it is willing to help the country to boost tourism, encourage investment in Maldives's tourism infrastructure, and enhance bilateral cooperation in port, airport, fishing and in coping with climate change.
Trade volume between China and South Asian nations jumped from $35 billion in 2006 to about $100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more, state-run Xinhua news agency reported.The India-China trade topped much of the $100 billion as the bilateral trade totalled $65.47 billion in 2013 with trade deficit mounting to $31.42 billion.
Indian officials said the trade deficit averaged about $35 billion in the last three years.According to latest figures from China's customs, the total volume of the trade from January to April this year amounted to $21.98 billion. India's exports totalled $6.57 billion while the imports amounted to $15.41 billion — a deficit of $8.84 billion.
The huge trade deficit figured high on Sunday’s talks between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi in New Delhi. Wang arrived in India on a two-day visit to establish first contacts with the government of Prime Minister
Narendra Modi.
The two leaders discussed ways to increase Chinese investments in India through setting up industrial parks and infrastructure projects. They also discussed ways to address India's concern of huge trade deficit of nearly $40 billion.India also seeks access for Indian IT and Pharmaceutical companies into Chinese market and wants Beijing to ramp up its investments in the country from the present $900 million.
India and China also decided to inject new momentum in their economic ties with both countries pushing for exploring ‘untapped opportunities’ including setting up of industrial parks to take the bilateral trade beyond existing $65 billion annually. India has consistently been raising the issue of increasing trade deficit and seeking greater market access in China to bridge the gap. While a Chinese team has already visited India to identify locations, several Indian states have made presentations in the last few months outlining the facilities including land to be provided to potential Chinese investors.
At the ongoing second China-South Asia Expo, which kicked off on 6 June, in the capital city of Kunming in southwest China's Yunnan Province, officials and businessmen from China and South-Asian countries have pledged more investment, upgrade exports and domestic industries to seek trade balance.
Not only India but several South Asian nations including Sri Lanka and Bangladesh are pressing China to import more to offset the deficit. Bangladeshi Prime Minister Sheikh Hasina, who attended the Kunming expo, said China is welcome to import more clothes, handicrafts and leather products from Bangladesh.She hoped Chinese investors would focus more on high value-added goods in fields of medicine, ship-building and communication, the Xinhua report said. Sri Lanka wants collaboration in rubber, mineral and fish, and more investment in the country to eschew the deficit.
For its part China has promised to step up investments in almost all the South Asian countries.
In his talks with Hasina, Chinese Vice Premier Wang Yang said China is ready to work with Bangladesh to push the building of the 21st century maritime Silk Road and the construction of the Bangladesh-China-India-Myanmar economic corridor.
He said China will encourage Chinese companies to invest in Bangladesh and expand imports from Bangladesh, in order to improve the trade imbalance.
Wang told Nepal Prime Minister Sushil Koirala that China will encourage enterprises to invest in bilateral projects in road, hydropower, tourism and herbal medicine.
China also assured Maldives that it is willing to help the country to boost tourism, encourage investment in Maldives's tourism infrastructure, and enhance bilateral cooperation in port, airport, fishing and in coping with climate change.
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