India's exports to China jump 34% to $22.9 billion in 2021, shows data
- IBEF
- January 31, 2022
According to data from the commerce ministry, India's exports to China climbed by 34% to US$ 22.9 billion in 2021 from US$ 17.1 billion in 2019. Imports, on the other hand, increased by 28% from US$ 68.4 billion in 2019 to US$ 87.5 billion in 2021. According to the report, the trade imbalance climbed from US$ 51.2 billion in 2019 to US$ 64.5 billion last year.
When compared to the normal year of 2019, India's exports to China increased at a faster rate than its imports from China in 2021, according to trade experts. According to Khalid Khan, vice-president of the Federation of Indian Export Organizations, Indian exporters have a huge export potential 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% in 2019 to 10.4% in 2021, another expert said.
In addition, with a trade value of US$ 112.3 billion in 2021, the US has surpassed China as India's top merchandise trading partner. China (US$ 110.4 billion), the United Arab Emirates (US$ 68.4 billion), Saudi Arabia (US$ 35.6 billion), Switzerland (US$ 30.8 billion), and Hong Kong (US$ 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.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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