India's imports from China stood at $60 billion during the April-January period of 2018-19 financial year, a deceleration of 5 percent over the year-ago period, PHD Chamber of Commerce said.
According to the chamber, India's trade deficit with China also eased to $46 billion in April-January 2019 from $53 billion a year ago. "Despite substantial volume of imports from China, of lately, India's import growth from China shrunk from 24 percent during April to January 2018 to (-) 5 percent during April-January 2019," PHD Chamber of Commerce and Industry Secretary General Mahesh Reddy said.
Commerce Ministry data showed India's export to China totalled $13.8 billion whereas its imports from the neighbouring country stood at $60.1 billion during the April-January period. Indian shipments to China totalled $13.33 billion in 2017-18 (April-March), whereas the country's imports from China stood at $76.38 billion during the period.
The chamber said India has seen a major breakthrough in its exports to China during the last few months whereas imports of Chinese products in India are decelerating. Its exports to China grew 31 percent in April-January 2019, increased from $10 billion in April-January 2018 to $14 billion in April-January 2019, Reddy said.
Although the trade deficit with China is substantial, given the recent trends and amendments in the foreign trade policy 2015-20, the volume of trade deficit is expected to ease in the coming years, he added.
Over the past decade, China has been able to enhance its footprint in India to a greater extent. However, the trend has seen a reversal in the April-January 2018-19, the chamber said.
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