Trade deficit with China increased by 2346 percent between 2004-05 to 2013-14: Piyush Goyal
New Delhi. The government told the Rajya Sabha on Friday that between 2004-05 and 2013-14, the trade deficit with China increased by 2346 per cent, while since then it has increased by 100 per cent till 2021-22.
Commerce and Industry Minister Piyush Goyal gave this information in response to supplementary questions during the Question Hour in the Upper House. He said that the trade deficit with China was US$ 1.48 billion in 2004-05, which increased to US$ 36.21 billion in 2013-14, registering an increase of 2346 per cent.
He said that the trade deficit with China has increased by almost 100 percent to USD 73.31 billion in 2021-22. Goyal said that most of the products imported from China are capital goods, intermediate goods and raw materials and they are used in India to meet the demand of fast growing sectors like electronics, telecom and power.
He, however, said that to reduce the dependence on imports, the government has taken several steps, including the PLI scheme, which have started showing results.
