◆India's trade deficit with China nears record $30 b
India's trade deficit with China after 11 months of this year has reached a record $29.5 billion, exceeding last year's annual figure, according to newly released trade data.
The numbers underline the sharp decline in once-burgeoning trade, which reached $74 billion in 2011 when China became India's biggest trading partner.
The following year, a 20 per cent slump in India's exports, largely on account of iron ore mining bans, coupled with the global slowdown, resulted in a 10 per cent decline as trade fell to $66.50 billion, even as both countries announced an ambitious $100 billion target for 2015.
【News source】