India’s import has been increasing from China for the past few years. Meanwhile, India’s export hs been decreasing at an alarming pace.
Highlights
- China’s export has recovered by 13.2% with a total trade up of 14%in June.
- India’s imports increased at a record high by 34.5%.
- India imports a total of $57.51 billion in the year’s first half.
- India made a record with the highest total import in the first half of the year ever.
- India’s export to China is decreasing at a steady pace.
India’s import from China has been increasing lately at a steady pace which is a scary prospect. India is mostly importing electrical and mechanical machinery, ingredients used in industrial productions and etc.
India’s export to China mainly consists of ores, slag and ash, iron and steel, plastic and unfinished products and cotton.
The main issue is not that we are exporting less but the imbalance between imports and export. With respect to export, we are importing more than necessary.
India is on a track where its export to China is down by 35%. The total export only accounts for $9.57 billion of the $67.08 billion two-way trade. Meanwhile, Imports increased by 34.5% in the same period.
For the first time, India and China trade reached over $100 billion altogether. In 2021 it earned $125.6 billion with India’s imports standing at $97.5 billion.
This year, India reached a new high of $57.51 billion in the first half of the year. This information is accurate according to China’s trade figure on July 13th.
India’s export is decreasing but China’s export showed a recovery of around 13% with a total trade up 14.3% in June.
Trade between India and China has declined due to the pandemic but after the pandemic, the trade is up significantly from the pre-pandemic.
India’s import is increasing at a rapid pace which is a worrying sign as the export is not increasing but decreasing in some countries.
China is showing a rapid recovery in foreign trade after the pandemic which caused them the most harm in terms of trade.
Read more: – Record surge in India’s imports from China in first half of 2022
