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6Jul By Press Trust of IndiaNo Comments

INDIA

India’s trade deficit with China dips to $48.66 billion in FY20

India’s trade deficit with China fell to $48.66 billion in 2019-20 on account of the decline in imports from the neighbouring country, according to government data. Exports to China in the last financial year stood at $16.6 billion, while imports aggregated at $65.26 billion, the data showed. The trade deficit stood at $53.56 billion in 2018-19 and $63 billion in 2017-18. The main imports from China include clocks and watches, musical instruments, toys, sports goods, furniture, mattresses, plastics, electrical machinery, electronic equipment, chemicals, iron and steel items, fertilisers, mineral fuel and metals. India has time and again raised concerns over the widening trade deficit with China. The government is framing technical regulations and quality norms for several products...

US government sees record monthly deficit of $737.9 billion

The federal government piled up a record deficit in April, traditionally a month of big budget surpluses. The sea of red ink is being created by a drop in revenue and a massive increase in spending to fund efforts to deal with the coronavirus pandemic. The Treasury Department said Tuesday that the government racked up a shortfall of $737.9 billion last month. That was more than three times larger than the previous record monthly deficit of $235 billion set in February. The deficit so far for the fiscal year that began Sept. 1 climbed to $1.48 trillion. Treasury normally runs surpluses in April as the government revenues swell because of the annual April filing deadline for tax payments. But this year, among the many measures the government has taken to try to cushion the blow o...

US Trade Gap rises to USD 44.4 billion as Virus slams Commerce

The US trade deficit rose in March as the coronavirus outbreak battered America's trade with the world. The Commerce Department reported Tuesday that the gap between what the United States sells and what it buys abroad widened 11.6 percent in March to USD 44.4 billion from USD 39.8 billion in February. US exports fell 9.6 percent to USD 187.7 billion on plunging orders for cars, auto parts, and industrial machines. Imports fell by 6.2 percent to USD 232.2 billion. Total trade exports plus imports came in at USD 419.9 billion in March, down 7.8 per cent from February and 11.4 per cent from March 2019. The politically sensitive deficit in the trade of goods with China fell 21.3 per cent to USD 15.5 billion in March as exports rose slightly and imports plummeted. The coronavirus ...