India-China Trade: Exports Surge Amid Deficit
India’s trade relationship with China has long been viewed through the lens of imbalance. China is India’s second-largest trading partner after the US; however, it accounts for just 35% of India’s overall trade deficit. In FY25, imports from China increased to $113.5 billion, marking an 88% increase over the past decade. In contrast, India’s exports to China grew to $14.3 billion in FY25, reflecting growth of only 19% over the same period.
However, newly released figures from the Department of Commerce for April to December 2025 signal a notable shift in momentum, particularly on the export front.

