India-China trade deficit rises to nearly Rs 3.04 lakh crore in April-January

The trade deficit between India and China has increased to $44.7 billion (nearly Rs 3.05 lakh crore) during the April-January period of 2015-16, the Parliament was informed on Wednesday.

India's exports to China stood at $7.56 billion (nearly Rs 51,604.56 crore) during the period whereas the imports have jumped to $52.26 billion (nearly Rs 3.54 lakh crore) in April-January.

In 2014-15, the deficit was aggregated at $48.48 billion (nearly Rs 3.28 lakh crore).  

The Commerce Ministry's of both the countries had signed a five-year development programme for economic and trade cooperation in September 2014 to lay down a medium-term roadmap for promoting a balanced and sustainable development of economic and trade relations between the two countries, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

The programme recognises "that the trade deficit with China is a matter of high concern for India", she said.

"Against this backdrop and in the spirit of mutual benefit, India and China shall endeavour to strengthen cooperation and gradually achieve bilateral trade balance over the next five years," she said.

In a separate reply, she said that India has so far initiated 322 anti-dumping cases out of which 177 cases involve China.

"In order to boost exports and to maintain a balance of trade with China, India has impressed upon China to recognise the need for reduction in trade imbalance for a long term, sustainable and harmonious development of economic cooperation between the two countries," she added.