India’s trade deficit with China stood at $101.02 billion, surging past the $100 billion mark for the first time. In 2021, the deficit was $69.38 billion.
New Delhi: India’s trade deficit with China crossed $100 billion for the first time, with Indian imports also increasing to an all-time high despite sour bilateral relations since the Galwan clash in 2020.
According to the data released by the Chinese customs department on Friday, India-China trade for 2022 climbed to $135.98 billion – a rise of 8.4% over the $125 billion mark a year earlier.
The data said that China’s exports to India climbed to $118.5 billion (a 21.7% increase year-on-year) while China’s imports from India diminished to $17.48 billion from $28.1 billion – a year-on-year decline of 37.9%.
India’s trade deficit with China stood at $101.02 billion, surging past the $100 billion mark for the first time. In 2021, the deficit was $69.38 billion.
According to the news agency PTI, India-China trade in 2021 was $125.62 billion, an increase of 43.32% year on year and the first time that trade was greater than $100 billion. That year, India’s imports from China increased by 46.14% to reach $97.59 billion. India’s exports too had increased by 34.28% to reach $28.03 billion in 2021.
In May 2020, just months after the never-seen covid-19 pandemic had hit India PM Modi had announce Atmanirbhar Bharat in his address to the nation.
Meanwhile, External Affairs Minister S. Jaishankar had earlier last year said that: “We continue to strive for a relationship with China, but one that is built on mutual sensitivity, mutual respect, and mutual interest.”
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