India's trade deficit with China decreases to $51 bn in 2016-17, Sitharaman

The Dollar Business Bureau

The CIM, Nirmala Sitharaman in a reply to a question raised in the Parliament today said, “ India's trade deficit with China has marginally dipped to $51 billion in 2016-17 from $52.69 billion in the previous fiscal and efforts are being made to increase the overall exports by diversifying the trade basket.” She said that emphasis is being given to manufactured goods, resolution of market access issues, services and other non-trade barriers.

"This is done through bilateral meetings and institutional dialogues. Indian exporters are encouraged to participate in major trade fairs in China to show-case Indian products," she said in a written reply to the Lok Sabha.

The minister also listed out the countries with which the country’s trade deficit has increased during the last 3 years and this fiscal. The countries included, Russia, Canada, Australia, China, Japan, South Africa and Iran.

India’s bilateral trade with China stood at $71.48 bn in 2016-17.