Indo-China trade deficit hits 7-year low amid Covid-19 pandemic

Trade deficit with China narrowed to a seven-year low during the first 11 months of financial year 2020-21 as businesses in India continue to grapple with the Covid-induced disruption and subsequent lockdowns.

This is mainly due to robust double-digit growth in exports, coupled with contraction in imports.

Trade gap narrowed to $39 billion in April-February (2020-21), compared to $46.8 billion during the same period a year ago, and $50.1 billion in 2018-19, official data show.

Steel companies, however, have a different story to tell. Top steelmakers in the country operated at full capacity by the second quarter of 2020-21. Exports contributed to a