India china trade deficit during April -January period of the current fiscal year has surged to $44.7 billion. India’s export to china stood at $7.56 billion during the same period, however, imports jumped to $52.26 billion. In 2014-15, the deficit was aggregated at $48.48 billion.
Commerce and Industry Minister Nirmala Sitharaman has said that over the next 5 years India and China shall endeavour to strengthen cooperation and gradually achieve bilateral trade balance. She said that the India has impressed upon China to identify the need for reduction in trade imbalance for along term, sustainable and harmonious development of economic cooperation between the two countries, in order to boost exports and to maintain balance of trade with China.
Sitharaman further said that in order to lay down a medium term roadmap for promoting balanced and sustainable development of economic and trade relations, the Commerce Ministry's of both the countries in September 2014 have signed a Five-year Development Programme for Economic and Trade Cooperation.