According to new figures from China’s General Administration of Customs (GAC), India’s trade with China declined in 2020 to the lowest level since 2017.
- The trade deficit with China narrowed to a five-year low as the country imported far fewer goods from its northern neighbour.
- Imports from China: Bilateral trade between India and China slid 5.6 per cent to $87.6 billion, India’s imports from China shrank by 10.8% to $66.7 billion, marking the lowest level of inbound shipments since 2016.
- Exports to China: India’s exports to China jumped 16%, crossing the $20 billion-mark for the first time to a record high of $20.86 billion.
- Trade deficit with China: The trade deficit shrank to $45.8 billion, the lowest level since 2015.
- Composition: India’s biggest import in 2019 was electrical machinery and equipment, worth $20.17 billion. Other major imports in 2019 were organic chemicals ($8.39 billion) and fertilisers ($1.67 billion), while India’s top exports that year were iron ore, organic chemicals, cotton and unfinished diamonds.
(Source: The Hindu)
