India's trade deficit with China up
India-China bilateral trade is facing a downturn in 2012 with overall trade declining to USD 55.6 billion in the first ten months, while trade deficit for India has ballooned to USD 23 billion. According to official figures released here, Indian exports to China totalled to USD 16.3 billion registering 13.3 percent decline. The decline was largely due to fall of Indian iron ore exports which constituted about 50 percent of India's exports, Trade Consular of the Indian Embassy here K Nagraj Naidu said. The overall trade figure of USD 55.6 billion between the Asian nations is a drop of 8.1 percent year-on-year. A cursory look at the preliminary trade data shows that exports of different products from India have not been much affected but the main slump is caused by the decline in iron ore exports which was more due to various domestic reasons like restrictions on mining, Naidu said. Besides, steel consumption in China, till recently regarded as the world's factory for its massive export potential, has come down due to fall in its global markets especially, the EU and the US.