The India-China bilateral trade increased 18.34% year-on-year to reach $ 55.11 billion from January to August this year. However, the trade deficit expanded to $44.51 billion in the first seven months despite surge in Indian exports as imports from China continue to increase. India’s exports to China increased by 40.69% year-on-year to reach $10.60 billion during the seven months. The trade deficit began expanding ever since iron ore exports, the mainstay of Indian exports started declining. India has been pressing China to open up its pharmaceutical and IT software sectors to expand the base of Indian exports.

Source: Mint October 07, 2017 07:07 UTC