India And China Trade 2022
During the year 2022, despite increasing border dispute between India and China, there has been a record increase in business. There has been a trade of US $ 135.98 billion between India and China, which is an all-time high level. At the same time, last year, China has sold 21.7 percent more goods to India than in 2021. At the same time, there has been a big loss in the trade deficit as compared to 2021 and for the first time the trade deficit has crossed the figure of USD 100 billion.
The trade between India and China increased by 8.4 per cent last year to Rs 11 lakh crore. During the year 2021, a trade of $ 125 billion was done between these two countries. This information has been given by the Annual China Custom. The surprising thing is that the import business from China has increased as compared to 2021.
Imports from China increased and exports from India decreased
In the year 2022, the import of goods from China has increased by 21.7 percent to $ 118.5 billion. While exports have decreased by 37.9 percent, which is 17.48 billion dollars. That is, the number of goods bought from China has increased. At the same time, there has been a decrease in the number of goods sold to China. Along with this, the trade deficit has also increased more than before. The trade deficit in 2022 has been 101.02 billion dollars i.e. 8.13 lakh crores. At the same time, during 2021, the trade deficit has been 70 billion dollars i.e. 5.69 lakh crores. This means that the trade deficit has increased by 43.2 percent.
America also did more business than China
During the Covid-19 epidemic and the Russia and Ukraine war, many countries had asked China to reduce trade. Despite this, America has done a business of $ 581 billion i.e. 47.26 lakh crore rupees from China. This is 1 percent more than in 2021. In the case of imports from China, America has ordered goods worth $ 118 billion, which is 1 percent less than in 2021.
Growth in business even after stress
Trade between the two countries continued to boom despite border tensions following the military standoff in eastern Ladakh in May 2020. Bilateral trade between the two countries has registered an exponential growth since the beginning of the last decade. From 2015 to 2021, India-China bilateral trade increased by 75.30 percent, with an average annual growth of 12.55 percent. At the same time, in 2022, China’s total exports increased by seven percent and imports increased by 1.1 percent, while China’s trade surplus last year was 877.6 billion US dollars.
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