India-China trade deficit crosses over $100 billion for the first time. Representational Image/AP.
New Delhi: India’s trade deficit with China crossed for the first time a USD 100 billion mark, a data released by the Chinese customs of Friday stated.
The trade deficit for India stood at USD 101.02 billion, surpassing the 2021 figure of US 69.38 billion.
The data showed that India’s total exports to China in 2022 was USD 17.48 billion, a year-on-year decline of 37.9 per cent. In 2021, India’s export stood at USD 28.1 billion.
Meanwhile, there has India’s import from China in 2022 climbed to $118.5 billion, a year-on-year increase of 21 per cent from $97.5 billion in 2021.
India-China trade touches all-time high
The trade between India and China touched record high of USD 135.98 billion in 2022, overtaking the USD 125.6 billion mark in 2021.
According to the annual Chinese customs data, there has been an 8.4 per cent increase in trade between India and China in 2022.
In 2021, India’s trade with China witnessed an increase of 43.32 per cent year-on-year, crossing USD 100 billion mark for the first time.
The trade deficit in 2021, meanwhile, stood at USD 69.56 billion as India’s imports from China saw an increase of 46.14 per cent to reach USD 97.59 billion.
Also, in 2021, India’s export to China increased by 34.28 per cent year-on-year to reach USD 28.03 billion.
Trade between India and China continued to increase despite border tensions following the military standoff in eastern Ladakh in May 2020.
“The rapid expansion of India-China bilateral trade since the beginning of this century has propelled China to emerge as India’s largest goods trading partner by 2008,” an official brief on trade posted on the Indian Embassy website in Beijing stated.
It further said that since the beginning of the last decade, bilateral trade between India and China recorded exponential growth. “India-China bilateral trade grew by 75.30 per cent, an average yearly growth of 12.55 per cent,” the Indian Embassy website in Being added.
China’s custom data released today showed that the country’s trade surplus swelled to a record $877.6 billion in 2022 as exports rose despite weakening US and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centers.
Also Read: China’s trade surplus swells to record $877.6 bn as exports rise despite weak US, Europe demand
Exports increased 7 per cent from a year earlier to $3.95 trillion, decelerating from 2021?s explosive 29.9 per cent gain, customs data showed Friday.
Imports edged up 1.1 per cent to 2.7 trillion, cooling from the previous year’s 30.1 per cent rise as economic growth slowed and consumer spending weakened.
With inputs from agencies
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