India’s trade deficit with China has marginally dipped to USD 51 billion in 2016-17 from USD 52.69 billion in the previous fiscal, Parliament was informed today. Commerce and Industry Minister Nirmala Sitharaman said that efforts are being made to increase overall exports by diversifying the trade basket with emphasis on manufactured goods, services, resolution of market access issues 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. In a separate reply, the minister also listed out top 10 countries with which India’s trade deficit has increased during the last three years and this fiscal. The countries include South Africa, Iran, Russia, Canada, Japan, Australia and China.
India’s bilateral trade with China stood at USD 71.48 billion in 2016-17. Replying to a separate question, she said the government is not working on a proposal to merge the directorate general of foreign trade with the central board for excise and customs to promote ease of doing business.