Q. Consider the following statements with reference to India-China bilateral trade.

Select the correct answer using the code given below:

1 only

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2 only

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Both 1 and 2

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Neither 1 nor 2

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Solution

The correct option is A 1 only
Explanation:

Statement 1 is correct: According to the Ministry of Commerce and Industry, the trade between India and China from January to December 2020 stood at $77.67 b i l l i o n i n c o m p a r i s o n w i t h$ 75.95 billion traded between India and the US during the same time. Hence, China was India’s largest trading partner in 2020.

Statement 2 is incorrect: India's trade deficit with China has declined from USD 53.57 billion in 2018-19 to USD 44.02 billion in 2020-21. Hence the trade deficit has not increased consistently in the last five years. The following figure illustrates the same.

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