The value jumped from the $92.8 billion seen in 2019; Imports from northern neighboring countries were close to $100 billion last year
India’s trade with China crossed $125 billion in 2021, with imports from China approaching a record $100 billion, underscoring the continued demand for a range of Chinese goods, especially machinery.
In the past 12 months, the value of goods imported by India from China exceeded total bilateral trade in 2019, data from the General Administration of Customs (GAC) of China released on Friday showed.
Business fell from $92.8 billion in 2019 to $87.6 billion in 2020 due to the pandemic.
Trade picked up in 2021 due to an improvement in demand as well as increased imports of new categories of goods such as medical supplies.
Bilateral trade reached $125.6 billion in 2021, of which India’s imports from China accounted for $97.5 billion.
Imports were up 30% from 2019, while India’s exports to China stood at $28.1 billion, up 56% from two years ago. The trade deficit reached $69.4 billion last year, up 22% from the pre-pandemic figure in 2019. While the break-up of imports and exports was not immediately available, India’s biggest export to China in recent years was iron ore, cotton. , and other raw material-based commodities, which have seen an improvement in demand in China over the past year, while India has imported large quantities of electrical and mechanical machinery, active pharmaceutical ingredients (APIs), auto components, and over the past two years . A range of medical supplies from oxygen concentrators to PPE.
The year-on-year growth of 43% in bilateral trade with India was the highest recorded by China with its major trading partners. Trade figures with China’s top three trading partners showed an increase of 28.1% ($878.2 billion) with ASEAN, 27.5% ($828.1 billion) with the European Union and 28.7% ($755.6 billion) with the United States. Went.
‘Disruption risk remains’
GAC spokesman Li Kuiwen said China’s medical exports had more than doubled in 2021, while laptops and home appliances grew 13% in line with rising global demand for “stay at home” devices.
Despite China’s strong trade performance and recovery in 2021, with imports and exports rising 30%, officials warned of the risk of disruption to global supply chains as the world continues to deal with the impact of the more permeable Omicron variant in the new year Is.
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