Author : SOUMYA BHOWMICK

Published on May 21, 2026

India’s relationship with China is economically consequential, politically sensitive, and strategically constrained. In FY2024–25, India–China merchandise trade was valued at US$127.7 billion, with India importing US$113.5 billion and exporting only US$14.3 billion. The resulting deficit, at around US$99.2 billion, was the highest India has ever recorded with any single country. These figures highlight how deeply Chinese goods, machinery, components, and intermediates remain embedded in India’s industrial system.

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