According to import-export data released in Beijing on Wednesday, India and China have failed to meet the massive $100 billion target set by both the countries for 2015. Instead, according to Chinese General Administration of Customs (GAC) data, India's large trade deficit to China has touched a record $45 billion, a report by India Today has said.

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In 2015, India imported goods worth $58.25 billion, up 7.4% while the country's exports to China fell by 18.2% to $13.38 billion. 

According to the data from China, exports and imports from the country fell in December and in 2015 overall on the back of slowing demand from around the world, however in December, the fall in exports and imports was less than expected. 

India mostly imported Chinese machinery in various sectors like power, telecom and infrastructure, while exporting unfinished goods like ore and chemicals to China, the report said.

However, the demand from China has been staggering as most of the industries are stocked with inventory and a slowing economy has cut demand. China has also been trying to push its exports in a bid to kickstart the economy which is slowing down, even going as far as dumping cheap steel and other products in other countries like India. 

To check dumping of cheap Chinese imports, the government of India announced certain measures, including hiking the import duty, to make sure that steel companies aren't much worse off than they already are. 

According to the report, the government has also tried to push other goods and services to China from India in a bid to keep the trade from going completely lopsided, however, little has taken shape in that arena since.