India's trade deficit with China, the highest among its trading partners, has been narrowing in recent years, according to Commerce and Industry Minister Piyush Goyal[1]. The deficit grew at a compound annual rate of 42.85% from 2004-05 to 2013-14, but has since slowed to 6.45% from 2014-15 to 2023-24[1].
India's exports to China in 2023-24 stood at $16.65 billion, while imports totaled $101.75 billion, leaving a trade deficit of over $85 billion[1]. The government has taken initiatives to reduce import dependency, such as boosting domestic manufacturing in sectors like electronics and mobile phones[1].
Citations:
[1] https://www.business-standard.com/economy/news/india-has-highest-trade-deficit-with-china-gap-narrowing-piyush-goyal-124072600802_1.html
[2] https://www.business-standard.com/economy/news/india-in-trade-deficit-with-9-of-top-10-trading-partners-in-2023-24-data-124052600247_1.html
[3] https://economictimes.indiatimes.com/news/economy/foreign-trade/india-in-trade-deficit-with-nine-of-top-10-trading-partners-in-2023-24/articleshow/110437028.cms
[4] https://www.thehindu.com/business/Economy/india-in-trade-deficit-with-nine-of-top-10-trading-partners-in-2023-24/article68217897.ece
[5] https://thewire.in/article/trade/india-records-trade-deficit-with-9-of-top-10-partners-in-2023-24-including-china-and-russia