Record year: Two-way trade in 2021 had crossed $100 billion for the first time, reaching $125.6 billion. reuters K_ K_ MustafahAnanth Krishnan Beijing
India’s imports from China reached a record $57.51 billion in the first half of the year, according to China’s trade figures released on Wednesday. Imports of Chinese goods are on track for yet another record year, and set to surpass last year’s $97.5 billion figure.
The trade imbalance is also on track for another record, with India’s exports to China sliding 35% and accounting for only $9.57 billion of the total $67.08 billion in two-way trade.
Imports rose 34.5% in the first half from a year earlier.
Two-way trade in 2021 crossed $100 billion for the first time, reaching $125.6 billion, with India’s imports accounting for $97.5 billion.
‘Dip due to pandemic’
Trade declined in 2020 on account of the pandemic but is now significantly up from pre-pandemic levels. India’s biggest imports last year were electrical and mechanical machinery, chemicals used in industrial production, active pharmaceutical ingredients and auto components. India had also imported large quantities of medical supplies during the pandemic.
China’s overall export performance in June rose 13.2%, with total trade rising 14.3%, compared with 9.5% growth in May, and a 0.1% increase in April, when many cities in the manufacturing heartland, including China’s financial centre Shanghai, were dealing with stringent COVID-related lockdowns.
“In particular, the rapid recovery of imports and exports in the Yangtze River Delta led to a marked rebound in the overall growth of China’s foreign trade,” said Li Kuiwen, spokesperson for the General Administration of Customs.
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