| China has emerged as India's largest trading partner, | | | | expanding imports from China. This is nearly one fifth |
| replacing US in 2008-09. Apart from increasing trade | | | | (18%) of India's trade deficit during the period under |
| engagement with the neighbouring country and weak | | | | consideration, the highest for any of its trade |
| demand for foreign goods in the US, which is reeling | | | | partners. |
| under recession contributed to this. | | | | According to data available with the commerce |
| According to a reply filed by minister of state for | | | | ministry, imports from China expanded 28% and |
| commerce Jyotiraditya Scindia in Lok Sabha on | | | | stood at Rs 1,27,938 crore ($ 28.10 billion) in April to |
| Monday, bilateral trade engagement between India | | | | February period of 2008-09. In fact, increase in large |
| and China stood at Rs 1,63,202 crore (nearly $ 36 | | | | number of chemical and metal items import from |
| billion) in April to February 2008-09, an increase of | | | | China has been of concern for India, which has |
| nearly 7% over Rs 1,52,713 crore in the year ago | | | | initiated many anti-dumping and safeguard duty |
| period. In the same period under consideration, | | | | mechanism investigations to ascertain if |
| bilateral trade between India and the US dipped 7.5% | | | | Chinese suppliers are adopting any unfair trade |
| and stood at Rs 1,55,353 crore (approximately $ 34 | | | | practice. |
| billion). | | | | Historically, the US has been India's top trading |
| Exports from India had increased 3.4% in dollar terms | | | | partner. Exports to the US have mostly been greater |
| and 17% in rupee terms during 2008-09. | | | | than imports, as a result of which India has enjoyed |
| Significantly, trade deficit-the difference between | | | | a trade surplus. However, hit by the economic |
| exports and imports-with China expanded 41% in the | | | | recession, demand for goods in the US plummeted, |
| period under consideration and stood at Rs 92, 676 | | | | impacting exports from India as well. |
| crore (nearly $20.3 billion), pointing towards fast | | | | |