India’s exports to China has risen by 21 per cent to USD 22.9 billion in the 2021 calendar year. The country’s imports, on the other hand, surged by 49 per cent to USD 87.5 billion during the same year, according to data released by the Directorate General of Commercial Intelligence and Statistics.
Bilateral trade between the two countries also saw a sharp rise in 2021. The trade rose to USD 110.4 billion in 2021 against USD 77.7 billion in 2020, registering a year-on-year growth of 42.2 per cent. When compared with 2019 data, India’s exports to China rose by 33.9 per cent in 2021. India’s exports to China have risen consistently in the last three years despite the COVID-19 pandemic.
Trade experts have stated that India’s exports to China have increased at a faster pace than that of its imports from China in 2021 when compared with the normal year of 2019.
India’s exports to China stood at USD 17.1 billion in 2019. It rose to USD 19 billion in 2020 and further to USD 22.9 billion in 2021.
However, India’s imports from China declined from USD 68.4 billion in 2019 to USD 58.7 billion in 2020. But it rose sharply to USD 87.5 billion in 2021.
In 2019, India’s total trade with the United States was highest with a value of USD 90.1 billion (share 11.1 per cent in total trade) as against China with a value of USD 85.5 billion (share 10.5 per cent).
With a share of 12.0 per cent, China became the largest trading partner of India in 2020, whereas, the United States’ share stood at 11.7 per cent.
In 2021, the US has again taken a top slot as India’s merchandise trade partner with a value of USD 112.3 billion and in the same year, India’s trade with China was USD 110.4 billion.