Photo has been used for representation purpose only.
India’s bilateral trade with China is set to reach a record $135.98 billion in 2022, Chinese customs data showed on January 13, 2023, driven by a rise in Indian imports of Chinese goods over 21% last year.
However, India’s exports to China fell in 2022, widening the significant trade deficit even before it crossed the $100 billion mark for the first time.
Data released by the General Administration of Customs (GAC) in Beijing on January 13, 2023 showed two-way trade grew by 8.4% to $135.98 billion last year, with India’s imports increasing from $97.5 billion to $118.5 billion. Gone.
India’s exports to China declined from $28.1 billion to $17.48 billion. Trade deficit to increase by 45% to $101.02 billion in 2021 from $69.4 billion.
China’s total foreign trade will increase by 7.7% in 2022 to reach a record high of $6.25 trillion. Exports increased by 10.5%. Trade with ASEAN, China’s biggest trading partner, rose 11.2% to $975.34 billion. The European Union ranks second among China’s trading partners, with trade growing 2.4% to $847.32 billion, followed by the US, up 0.6% to $759.42 billion.
Last year’s trade surpassed the record year for 2021, due to improving demand in India, increased imports of intermediate goods, and imports of new categories of goods such as medical supplies.
Analysts view India’s rising imports from China as a concern, reflecting continued dependence for a range of key goods, but to a lesser extent, as a positive indicator of the Indian economy’s import of more intermediate goods as well.
The break-up of imports in 2022 was not immediately released. Over the years, India’s largest imports from China have included active pharmaceutical ingredients (APIs), chemicals, electrical and mechanical machinery, auto components and medical supplies.