- January-September 2026: India imported $125.19 billion from China and exported $19.26 billion to it.
- The deficit of $105.93 billion is on track to beat 2025's record of $116.12 billion, The Hindu reported.
- The government is building local rare-earth magnet capacity after Chinese export curbs, Shaktikanta Das said in early October.
Chinese customs data released on 14 October 2026 showed India-China trade of $144.45 billion in January-September, up 25.4%. India's imports from China rose 23.3% to $125.19 billion, while exports to China grew 40.7% to $19.26 billion, led by seafood, naphtha and printed circuit boards. India's deficit reached $105.93 billion and is on track to pass 2025's record of $116.12 billion. Indian officials cite weak market access and Chinese export controls on goods from fertilisers to rare earths.
Indian officials say the concern is lopsided trade, poor market access for Indian firms and heavy reliance on Chinese finished goods such as electronics and machinery. Exporters of seafood and naphtha have gained, with exports to China up 40.7%.
Claim by claim
India's trade deficit with China was $105.93 billion in January-September 2026.
The Hindu reports the figure from China's General Administration of Customs data released on 14 October.
The HinduIndian exports to China grew 40.7% in January-September 2026, to $19.26 billion.
Same customs data, reported by The Hindu.
The HinduAbout 80 to 90% of rare-earth magnet supply originates in China.
Said by Shaktikanta Das, Principal Secretary-2 to the PMAn estimate by a senior official reported by The Economic Times; our sources include no independent data to confirm the range.
The Economic TimesWhat each side says
Officials told The Hindu there is no expectation of perfectly balanced trade, but the relationship is heavily lopsided, Indian firms lack market access, and India relies too much on Chinese finished goods.
The HinduChina's foreign ministry said after the Modi-Xi talks that both sides 'should also address each other's economic and trade concerns in a balanced way'.
The HinduNot yet known
- ?Whether India eases rules on Chinese investment to build more products locally.
Sources
3 outlets across the spectrum. Leanings are a rough guide to who reported it, not a verdict on accuracy.
- The HinduIndia's trade deficit with China crosses $100 billion in 2026
- The Hindu BusinessLineModi-Xi talks: Border peace, trade imbalance key to India-China reset
- The Economic TimesGovt pushes rare-earth magnet capacity as India seeks greater control over critical manufacturing inputs: Shaktikanta Das
Spasht writes original summaries. Follow the links to read each outlet's own report. Revision 1.