Trade deficit burdens Indian economy - deficit increased
Trade deficit due to import dependence on china increases the burden on the indian economy. If we understandfrom the figures, in the financial year 2021-22, India's total trade deficit was with China. 38% share was withChina. It was 73.3 billion dollars. Whereas in the financial year 2022-23, India's trade deficit with china alonewas approximately 32 percent. It was 83.1 billion dollars.Talking about total merchandise trade, India's merchandise trade in the financial year 2021-22 was more than1,000 billion dollars. During this period, india had exported 422 billion dollars. Whereas india had imported 613billion dollars during this period. The trade deficit in the financial year 2021-22 was $191 billion. WhereasIndia's exports in the financial year 2022-23 were 450 billion dollars. Whereas india had imported 714 billiondollars. During this period the trade deficit was 263 billion dollars. From these figures it can be understood howworrying China's increasing trade deficit is for the indian economy.Trade deficit increased rapidly since 2013-14In 2003-2004, India's imports from china were about 4.34 billion dollars. By the year 2013-14, it increased to51.03 billion dollars. During these 10 years, imports increased more than ten times. In 2004-05, there was a tradedeficit of $1.48 billion between india and China. In 2013-14 it increased to $36.21 billion. In 2020-21, China
exported goods worth $65.21 billion to India. There was a sharp increase in it in the financial year 2021-22. Thisyear china exported goods worth $94.57 billion to India. During the financial year 2020-21, the trade deficitbetween india and china reached $44.33 billion. The interesting aspect is that during the next financial year2021-211, it increased to beyond 73 billion dollars. Compared with 2013-14, trade deficit has doubled in just 6years.
exported goods worth $65.21 billion to India. There was a sharp increase in it in the financial year 2021-22. Thisyear china exported goods worth $94.57 billion to India. During the financial year 2020-21, the trade deficitbetween india and china reached $44.33 billion. The interesting aspect is that during the next financial year2021-211, it increased to beyond 73 billion dollars. Compared with 2013-14, trade deficit has doubled in just 6years.