According to commerce ministry data, India’s exports to China have grown by nearly 34 per cent to USD 22.9 billion in 2021 from USD 17.1 billion in 2019. On the other hand, imports grew by 28 per cent to USD 87.5 billion in 2021 as against USD 68.4 billion in 2019.
According to the data, the trade deficit has widened to US$ 64.5 billion last year as compared to US$ 51.2 billion in 2019.
Trade experts have said that India’s exports to China grew at a faster pace than imports from China in 2021 as compared to the normal year of 2019.
Khalid Khan, Vice President of Federation of Indian Export Organizations said that China has huge export potential for Indian exporters.
“Our exporters are doing very well in China. We can increase our exports further,” Khan said.
Another expert said the share of imports of raw materials, intermediate goods and capital goods from China increased in 2021 compared to 2019, while imports of consumer goods fell from 14.7 per cent in 2019 to 10.4 per cent in 2021.
Also, in 2021, the US has topped as India’s trading partner with a value of USD 112.3 billion. The US is followed by China (US$110.4 billion), the UAE (US$68.4 billion), Saudi Arabia (US$35.6 billion), Switzerland (US$30.8 billion) and Hong Kong (US$29.5 billion).
“There is a change in the growth pattern of trade with respect to 2020 with respect to 2020. In the post-COVID-19 period, India’s trade trade with all other top trading partners except Hong Kong and Singapore has registered an increase in 2020.” With China the growth was recorded in 2021,” said an expert.
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