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- India’s trade deficit with its Chinese competitor:
On the occasion of the presentation of India’s economic balance sheet for the fiscal year 2023-24, researcher Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), felt that ‘ India’s trade with China remains a constant concern ’.
He was concerned about the significant difference between his country’s imports and exports to China. India’s trade balance with China is in deficit. In 2022, India exported USD 17.49 billion of goods to China, while importing the equivalent of USD 118.77 billion of Chinese goods over the same period.
In 2024, India’s trade deficit with China passed the 100 billion mark. That’s 30 billion more than in 2019.
Beijing sells all kinds of goods on the Indian market, mainly high-value-added products such as computers, machine tools, chemicals, fertilisers and integrated circuits. So China is managing to find ways of keeping its economy dynamic by relying on its exports. This is reminiscent of the trade imbalance it already has with the European Union, which already has a $300 billion deficit with Beijing.
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