India’s trade deficit with China hits $100bn for first time

BEIJING: Trade between India and China touched an all-time high of $136 billion in 2022, overtaking the $125-billion mark a year earlier even as New Delhi’s trade deficit with Beijing crossed the $100-billion mark for the first time despite frosty bilateral relations, according to data released by the Chinese customs on Friday.
China’s exports to India climbed to $119 billion, a year-on-year increase of 22%. During 2022, China’s imports from India dwindled to $17.5 billion, a year-on-year decline of 38%. The trade deficit for India stood at $101 billion, crossing the 2021 figure of $69.4 billion. In 2021, the overall trade with China totalled $126 billion, an increase of 43% year-on-year crossing the $100-billion mark for the first time. The trade deficit in 2021 stood at $ 69.6 billion as India’s imports from China witnessed an increase of 46% to reach $98 billion.
India’s exports to China increased by 34.3% year-on-year to reach $28 billion in 2021. The trade between the two countries continued to boom despite border tensions following the military standoff in eastern Ladakh in May 2020. According to an official brief posted on the Indian embassy website in Beijing, the rapid expansion of bilateral trade since the beginning of this century has propelled China to emerge as India’s largest goods trading partner by 2008.From 2015 to 2021, India-China bilateral trade grew by 75%, an average yearly growth of 13%, it said.

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