India Cuts Trade Deficit With China By $10 Billion in FY19: Report
Experts suggest India took advantage of the market situation that arose out of the US-China trade war.
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India has reportedly been able to cut down its trade deficit with China by $10 billion to $53 billion in the fiscal year 2018-19.
India's exports to China rose to $17 billion during the year from $13 billion during 2017-18, while imports declined to $70 billion from $76 billion, Business Standard reported quoting sources.
Experts suggest India took advantage of the market situation that arose out of the US-China trade war.
A CNBC-TV18 report further suggested that bigger shipments of shrimps, organic chemicals, plastic raw material, and cotton yarn contributed to India’s export growth to China.
India is currently the seventh largest export destination of China, while China is the fourth largest export destination of India.
(With inputs from Business Standard and CNBC-TV18)
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