India Hopes to Become Major Exporter to China and ASEAN: Goyal
Commerce and Industry Minister Piyush Goyal stated during an official visit abroad that “we do hope that in the years to come, we will see India becoming a major exporter of goods and services to China and the ASEAN region also.” India is actively looking to expand its footprint in Asian markets through reciprocal trade agreements.
Trade Surges Amid Persistent Deficit Concerns
The remarks follow a notable shift in export figures between the two nations. Bilateral trade between India and China rose 7.9 per cent to $127.7 billion in the 2025-26 fiscal year, climbing from $118.39 billion in 2024-25, according to Swarajya. India’s exports to China jumped 36.62 per cent to reach $19.47 billion, up from $14.25 billion the previous year. At the same time, imports from China rose 16 per cent to $131.62 billion. This dynamic widened India’s trade deficit to $99.19 billion for the fiscal year, an increase from the $85 billion deficit recorded in 2024-25.
Goyal addressed the trade imbalance while speaking to reporters in The Hague, where he is currently on an official visit accompanied by approximately 100 Indian businesses and startups. The minister noted that China supplies essential raw materials and intermediate goods to Indian industries. He emphasized that if pricing or fair play regarding any product is found to be improper, India utilizes an established judicial process to handle the dispute. Otherwise, the nation remains committed to open trade and welcoming suppliers who meet domestic needs.
Diplomatic Outreach Following Years of Frosty Relations
Goyal’s forward-looking statements on trade build upon a series of high-level diplomatic contacts aimed at repairing bilateral ties. Relations between New Delhi and Beijing suffered severe strain following the deadly Galwan Valley clashes in 2020 and the subsequent military standoff in eastern Ladakh. A thaw began when Prime Minister Narendra Modi and Chinese President Xi Jinping met in Kazan, Russia, in October 2024.
Goyal subsequently held meetings with his Chinese counterpart in Yaoundé, Cameroon, and in New Delhi on the sidelines of the BRICS Summit. These discussions came shortly after Goyal stated on October 14 that India is actively working to rebuild its relationship with China, though the journey’s final outcome remains unscripted.
Hague: Commerce and Industry Minister #PiyushGoyal has expressed hope that India would emerge as a major exporter of goods and services to China and the #ASEAN region in the coming years. Goyal said he held meetings with his Chinese counterpart in Yaounde, Cameroon, and in New…
Expanding Horizons Across the ASEAN Block
Beyond China, India’s broader regional strategy targets the ten member states of the Association of Southeast Asian Nations. The ASEAN bloc comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Goyal stressed that India seeks to open foreign markets for its goods and services on a reciprocal basis, positioning the broader region as a primary destination for future export growth.
When questioned about China’s export controls on key machinery—including tunnel boring machines—Goyal stated simply that officials will work on it.
These restrictions threaten to impact several crucial infrastructure projects across India, ranging from underground metro systems and high-speed rail lines to tunnels in strategic border locations.
