India's trade deficit with China was over *** billion U.S. dollars in 2022. The value of bilateral trade between the two countries was worth more than *** billion U.S. dollars for the same year. India-China bilateral trade has rapidly expanded, propelling China to become India's largest goods trading partner.

India recorded a trade deficit of 26.49 USD Billion in August of 2025. This dataset provides the latest reported value for - India Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

China accounted for an average of ** percent in imports supporting select industries in India in financial year 2019. Electrical machinery and equipment accounted for the highest in that time period at ** percent. Plastics, on the other hand acquired ** percent of imports from China that year. India depended on China for a variety of products spread across multiple industries.

Trade relationship between India and China

The trade relationship between the two major global economies started a few decades ago. However, India has had an unfavorable trade balance with China as the trade deficit gap has widened over the years. The Indian food product imports has struggled and it is evident in its decreased value since 2008. In 2019, China was India’s leading import partner. For the same year, China was also the second leading export partner of India.

India’s export value

India exported a variety of products to a long list of countries in the world. In 2019, engineering goods valued at more than ************* Indian rupees was the leading commodity exported by India. The economic slowdown in 2019 and the current lockdown during the coronavirus (COVID-19) pandemic has affected industrial production across all sectors. Following this, the country's exports saw a drastic decline in various products.

The statistic shows a ranking of the top 20 import countries worldwide in 2023. In 2023, the U.S. was the leading import country in the world with an import value of about 3.17 trillion U.S. dollars. Import and export worldwide Import and export are generally important pillars of a country’s economy. The trade balance of a country shows the relationship between the values of a country’s imports and exports. If the balance is positive, i.e. if the value of exports is higher than that of imports, it is called a trade surplus. If it is negative and import values exceed export values, it represents a trade deficit. Worldwide trade is regulated by the World Trade Organization (WTO). It provides a framework for trade agreements and helps in resolving disputes. Since its foundation in 1995, more than 150 countries have become members of the WTO and obligated themselves to follow its regulations. The worldwide export volume in trade since 1950 has tripled, and a similar development can be observed in the worldwide import trade volume since 1950. Europe is leading the ranking regarding the value of worldwide export volume of trade by region, but the value of goods exported by Asia is almost up to par. Both continents are also the top destination regions of inter-regional trade worldwide. The United States, China, and Germany are the leading import countries worldwide, and also the leading export countries worldwide, albeit in a different order. The top traded goods and commodities are oil and fuel, electronic equipment, and machinery. The volume of commodities traded worldwide has increased dramatically over the past few years.

China Exports to India was US$120.46 Billion during 2024, according to the United Nations COMTRADE database on international trade. China Exports to India - data, historical chart and statistics - was last updated on September of 2025.

This statistic shows the United States goods trade deficit with China from 2014 to 2024. In 2024, the value of U.S. imports from China exceeded the exports to China by around ***** billion U.S. dollars.

India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data was reported at 4.012 USD bn in 2017. This records a decrease from the previous number of 6.111 USD bn for 2016. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data is updated yearly, averaging 120.694 USD mn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 7.704 USD bn in 2014 and a record low of 1.900 USD mn in 1960. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Annual.

In 2024, India's trade deficit of goods amounted to around *** billion U.S. dollars. Balance of trade The trade balance, also called commercial balance or balance of trade, is the difference between the value of a country’s exports and its imports over a certain timespan. If a country exports more goods or services than in imports, the trade balance is positive – a so-called trade surplus. If a country imports more than it exports, the trade balance is in the red – a trade deficit. Among other factors, trade is affected by production, currency exchange rates, and taxes, and of course by the availability of raw materials and prices of goods. India’s trade is in the red The reason for India’s persistent trade deficit is simple: The country imports far more than it exports. India is a very fast-growing economy with the majority of its GDP generated by services, while most of its workforce is employed in agriculture. India’s main imports include chemicals, crude oil, and machinery, while India exports textiles, software, petroleum products, and leather goods. One reason for the increasing trade deficit is the price of crude oil and its rapid economic growth, which means that export trade now needs to catch up to the demand.

India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data was reported at 1.624 USD bn in Mar 2018. This records an increase from the previous number of 352.250 USD mn for Dec 2017. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data is updated quarterly, averaging 70.476 USD mn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 2.299 USD bn in Sep 2014 and a record low of -243.191 USD mn in Mar 2009. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Quarterly.

Key information about India's Trade Balance

• India's Trade Balance recorded a deficit of 23.0 USD bn in Jan 2025, compared with a deficit of 21.9 USD bn in the previous month
• India's Trade Balance data is updated monthly, available from Jan 1957 to Jan 2025, with an averaged value of -420.4 USD mn
• The data reached an all-time high of 709.6 USD mn in Jun 2020 and a record low of -31.8 USD bn in Nov 2024

• In the latest reports, India's Total Exports reached 36.4 USD bn in Jan 2025, an increase of 14.5% YoY (year-on-year)
• Total Imports recorded 59.4 USD bn in Jan 2025, an increase of 14.5% YoY (year-on-year)

Exports to China in India decreased to 128.83 INR Billion in January from 138.83 INR Billion in December of 2023. This dataset includes a chart with historical data for India Exports to China.

In 2024, China's merchandise trade surplus amounted to around 992.2 billion U.S. dollars, significantly higher than in the previous year. The merchandise trade balance is the value of exported goods minus the value of imported goods. A positive value indicates a trade surplus, while a negative value indicates a trade deficit. Trade balance and partnersIn 2024, Chinese imports of goods amounted to approximately 2.59 trillion U.S. dollars, whereas total exports added up to about 3.58 trillion U.S. dollars. In contrast, China’s invisible trade balance, an indicator measuring services and government transfers between countries, closed with a deficit and ranged at about -92 billion U.S. dollars at the end of 2022. Being an economy heavily reliant on export, China ranked first among countries with the highest trade surplus, followed by Germany and Russia. The United States, with imports exceeding exports by approximately 1.15 trillion U.S. dollars that year, ranked first among leading import countries worldwide. In 2023, the value of the U.S. imports from China exceeded the exports to China by around 279.4 billion U.S. dollars. Another important trade partner for China is the European Union. In 2023, the EU imported around 514 billion euro-worth of goods from China, leading to a trade deficit of around 291 billion euros. Product categories with the highest trade deficit were mostly finished goods such as machinery and transport equipment, clothing, and other manufactures, whereas product categories with a more balanced trade sheet consisted of raw materials and agricultural products to a large extent.

China plans to boost imports from India to address trade imbalance, as bilateral trade reaches $101.7 billion. This initiative coincides with US tariff announcements and aims to strengthen Sino-Indian relations.

India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data was reported at -527.750 USD mn in May 2018. This records a decrease from the previous number of -212.090 USD mn for Apr 2018. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data is updated monthly, averaging 24.195 USD mn from Jan 1960 (Median) to May 2018, with 695 observations. The data reached an all-time high of 1.336 USD bn in Sep 2017 and a record low of -527.750 USD mn in May 2018. India IN: Trade Balance: Advanced Economies: China, People Republic: Hong Kong data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Monthly.

India's total Imports in 2024 were valued at US$697.75 Billion, according to the United Nations COMTRADE database on international trade. India's main import partners were: China, Russia and the United Arab Emirates. The top three import commodities were: Mineral fuels, oils, distillation products; Pearls, precious stones, metals, coins and Electrical, electronic equipment. Total Exports were valued at US$434.44 Billion. In 2024, India had a trade deficit of US$263.31 Billion.

China Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: India data was reported at 51.788 USD bn in 2017. This records an increase from the previous number of 47.676 USD bn for 2016. China Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: India data is updated yearly, averaging 91.720 USD mn from Dec 1961 (Median) to 2017, with 38 observations. The data reached an all-time high of 51.788 USD bn in 2017 and a record low of -1.747 USD bn in 2004. China Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: India data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s China – Table CN.IMF.DOT: Trade Balance: by Country: Annual.

India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data was reported at -4.778 USD bn in May 2018. This records a decrease from the previous number of -3.679 USD bn for Apr 2018. India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data is updated monthly, averaging -31.038 USD mn from Jan 1960 (Median) to May 2018, with 534 observations. The data reached an all-time high of 52.866 USD mn in Dec 1996 and a record low of -5.788 USD bn in Sep 2017. India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Monthly.

In 2024, China was the country with the highest trade surplus, with approximately ****** billion U.S. dollars. The leading trade nations Typically a trade surplus indicates a sign of economic success and a trade deficit indicates an economic weakness. However, if that were true, then the top four, China, Germany, Russia and Netherlands, would be considered the best performing countries in the world. However, this would mean that the United States, Great Britain, India and France would be among the weakest nations considering that they are four countries with the highest trade deficit. In fact, they are leading industrial nations. While China is known for producing and exporting products at a competitive price, it has undervalued its exchange rate in order to promote exports. However, China is now working to reduce its reliance on exports even though they continue to export large and increasing quantities of goods. In the case of Germany, the value of the euro may not be high enough, however growth concerning the value of exports has slowed over the past few years. In contrast, the value of the dollar in the United States may be too high, favoring imports as opposed to exports.

India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data was reported at -59.436 USD bn in 2017. This records a decrease from the previous number of -51.593 USD bn for 2016. India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data is updated yearly, averaging -57.933 USD mn from Dec 1948 (Median) to 2017, with 60 observations. The data reached an all-time high of 104.186 USD mn in 1989 and a record low of -59.436 USD bn in 2017. India IN: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: China, People Republic: Mainland data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.DOT: Trade Balance: by Country: Annual.

India Imports from China of Electrical, electronic equipment was US$47.67 Billion during 2024, according to the United Nations COMTRADE database on international trade. India Imports from China of Electrical, electronic equipment - data, historical chart and statistics - was last updated on September of 2025.