Imports from China declined 7.2 percent to USD 65.21 billion in 2020-21 from USD 70.31 billion in 2018-19, the Parliament was informed on Friday.
On the other hand, India's exports to China rose 26 percent to USD 21.18 billion in 2020-21 from USD 16.75 billion in 2018-19, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Rajya Sabha.
"The imports from China have exhibited a declining trend from USD 70.31 billion in 2018-19 to USD 65.21 billion in 2020-21, a decline of 7.2 percent," she said. The minister said India has made sustained efforts to achieve a more balanced trade with China, including bilateral engagements to address the non-tariff barriers on Indian exports to China and measures against unfair trade practices. In a separate reply, the minister said the trade deficit with China stood at USD 44.02 billion in 2020-21 as against USD 48.65 billion.
Also Read:
Replying to another question, Patel said representations from the industry are received from time-to-time on surge in imports from ASEAN countries, Japan and Korea, which are examined in consultation with the concerned administrative ministries. They are taken up with the respective trading partners under the existing institutional mechanism enshrined in the respective free trade agreements, she added.
"FTAs have inbuilt provisions to check any misuse of the FTA concessions, which inter-alia include strict compliance of the Rules of Origin, checking mis-declaration, if any, and taking trade remedial actions," the minister noted.
To another question, she replied that the ministry is holding regular meetings with stakeholders to draw a road map and strategy to control the expected loss in the trade industry due to the Ukraine-Russia conflict. On a similar question, Commerce and Industry Minister Piyush Goyal said the impact can be assessed only after the situation stabilizes.
"However, the Department of Commerce is holding regular consultation with all stakeholders to find out the impact on bilateral trade between India and Russia," he said.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM