India’s exports to China jump 34% to $22.9 billion in 2021
India’s exports to China have increased about 34 per cent to USD 22.9 billion in 2021 from USD 17.1 billion in 2019, according to data from the commerce ministry. Imports, on the other hand, rose 28 per cent to USD 87.5 billion in 2021 as against USD 68.4 billion in 2019.
According to the data, the trade deficit has increased to USD 64.5 billion last year as compared with USD 51.2 billion in 2019.
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.
Khalid Khan, vice-president of the Federation of Indian Export Organisations, said the huge export potential is there for Indian exporters in China.
“Our exporters are doing quite good in China. We can push our exports further,” Khan said.
The share of raw material, intermediate goods and capital goods imports from China increased in 2021 as compared to 2019, whereas imports of consumer goods have fallen from 14.7 per cent in 2019 to 10.4 per cent in 2021, another expert said.
Further, in 2021, the US has taken a top slot as India’s merchandise trade partner with a value of USD 112.3 billion. America was followed by China (USD 110.4 billion), UAE (68.4 billion), Saudi Arabia (USD 35.6 billion), Switzerland (USD 30.8 billion), and Hong Kong (USD 29.5 billion).
“There is a shift in the growth pattern of trade in 2021 with respect to 2020. In the post-COVID-19 period, India’s merchandise trade with all other top trading partners except for Hong Kong and Singapore have registered growth higher than that of the growth registered with China in 2021 over 2020,” an expert added.
With inputs from PTI