India’s trade with China declined to less than half in the April-June quarter. India’s trade deficit with China stood at $ 5.48 billion in the April-June quarter from $ 13.1 billion in 2019 in the same period. This information has been given in the Parliament.
Work towards reducing dependence on China
Giving information in writing in Parliament, Commerce Minister Piyush Goyal said that the first quarter of the current financial year between the two countries has also witnessed a decline in bilateral trade. Trade between India and China stood at $ 16.55 billion in the April-June quarter. It was $ 21.42 billion in the same period of 2019. Goyal said that we are continuously working towards reducing dependence on China.
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Exports are being encouraged
To reduce the trade deficit with China, we are encouraging exports and constantly trying to reduce imports from there. Currently, the Indian government has banned the import of 550 types of products. Import of these goods is restricted from China as well as any country in the world.
Boom in service export
Piyush Goyal said that merchandise exports from Special Economic Zone i.e. SEZs have registered a decline in April-August. India’s merchandise export during this period was 81 thousand 481 crore, which was 1 lakh 30 thousand 129 crore in 2019 in the same period. However, during this period, there has been a growth of around 9% in service exports.