India's trade deficit with China crosses $100 billion
What's the story
India's trade deficit with China has crossed the $100 billion mark this year, data from China's General Administration of Customs (GAC) revealed. The figure stood at a staggering $105.93 billion, and is likely to exceed last year's record high. The growing imbalance has been a major concern for New Delhi, which was raised during last month's talks between Prime Minister Narendra Modi and Chinese President Xi Jinping on the sidelines of the BRICS summit.
Trade growth
Two-way trade between India, China continues to grow
Despite the widening deficit, two-way trade between India and China has seen a significant increase.
Between January and September this year, bilateral trade increased by 25.4% to $144.45 billion.
India's imports from China also rose by 23.3% to $125.19 billion during this period, indicating a growing economic relationship between the two countries.
Export increase
Major jump in India's exports to China
India's exports to China have also seen a major jump, rising by 40.7% to $19.26 billion in the first three quarters of this year.
The growth has been led by seafood products, naphtha, and printed circuit boards, items India previously imported in large quantities from its neighbor.
The increase in exports is a positive sign amid the widening trade deficit with China.
Trade concerns
Concerns over lopsided trade relationship with China
Indian officials have expressed concerns over the lopsided trade relationship with China, lack of market access for Indian firms, and the nature of imports from China.
While India needs a lot of intermediates for manufacturing from China, the continued reliance on finished goods such as electronics and machinery is worrying.
The country is also wary of Chinese export controls on more products ranging from fertilizers to rare earths.