India’s shipments to China in Oct have seen a rise of more than 53% when compared with year-on-year numbers and reach USD 1.24 billion dollars as per the data from Customs department. However, the trade deficit has been consistently increasing as well.
In the month of Oct 2017, the trade deficit was USD 3.86 billion dollars. The Indo-China trade increased by 13.56% when seen on a year-on-year basis, and even in the scenario of tension in the mutual ties between the country, it achieved USD 6.33 billion dollars in Oct.
The Indian exports to China improved by 53.04% and achieved USD 1.24 billion dollars from USD 0.81 billion dollars at the same time of last season as per the data. The China exports to Indian also improved by 6.87% in the time interval under analysis and achieved USD 5.09 billion dollars.
The Indian exports were mainly in natural pearls, precious stones and precious metals, organic chemicals, copper and articles, cotton (yarn and weaved fabric), ores, slag, and ash.
Indian exports that were previously on a decrease from last few years saw an increase this year. The exports have shown a growth of 40.69% in the time interval April-October 2017 when compared to the exports in the same interval of last season and achieved USD 10.60 billion dollars.
Even with an increase in the Indian exports to China, the business lack improved further and became USD 44.51 billion dollars during April-October 2017.
The trade deficit climbed to USD 52 billion dollars last year in the almost USD 70 billion dollars business between the two countries. Indian has been encouraging China for opening the drug and IT software sectors so that Indian exports can improve.