India’s trade deficit with China jumps to USD 53 billion in 2015-2016
Q. India’s trade deficit with China has jumped to which amount in 2015-2016?- Published on 02 Aug 16
a. USD 53 billion
b. USD 54 billion
c. USD 55 billion
d. USD 56 billion
ANSWER: USD 53 billion
India’s trade deficit with China jumped to USD 53 billion in 2015-2016 from USD 48.48 billion in the previous fiscal.
- Increasing trade deficit with China will be attributed to the relative demands for imports in India and China for each other’s goods.
- Efforts are on to increase overall exports by diversifying trade basket with emphasis on manufactured goods, services, resolution of market access issues and other non tariff barriers.
- Major imports from China include telecom instruments, computer hardware and peripheral, fertiliser, electronic component, project goods, chemical and drug intermediaries.
- Exports to China include ore, slag, ash, iron and steel, tin, raw hides, leather, plastics and cotton.
- Bilateral trade between the countries stood at USD 70.73 billion in 2015-2016, from USD 72.34 billion in the earlier fiscal.