China’s shipments to India at the end of November accounted for $59 billion, sliding 13% and helping narrow India’s deficit to $40 billion, from $51.6 billion in the year-earlier period. India’s annual trade deficit with its northern neighbour had shrunk by 2% in 2019 to $56.95 billion, marking the first decline since 2005. The slump in China’s exports to India was broadly expected after data from India’s Ministry of Commerce last week showed a 13.3% decline in India’s overall imports in November. India’s imports of electrical and non-electrical machinery – items that have traditionally had the biggest share in China’s exports to the country -- slid by 13.4%, the Centre’s official data showed. Overall, China’s exports surged 21.1% in November, customs data showed, the fastest growth since February 2018, Reuters reported.

Source: The Hindu December 07, 2020 16:18 UTC