New Delhi: India-China bilateral trade in 2020 decreased by 5.64% YoY and stood at $ 87.65 billion compared to $ 92.89 billion in 2019, according to Union Commerce Ministry’s recent data on India-China trade in 2020. Notably, Indian imports from China also dropped by 10.87% and stood at $ 66.78 billion compared to $ 74.92 billion in 2019.
“Good signs that Indian exports to China increased by 16.15% from $ 17.896 billion to reach $ 20.87 billion in 2020. This is the highest level ever for Indian exports to China and the first time
they have crossed $ 20 billion, “said the ministry.
Accordingly, the trade deficit with China has declined by 19.39% from $ 56.95 billion in 2019 to $ 45.91 billion.
On the other hand, among the top 15 Indian exports (at HS-2 level), a steep rise was witnessed in 2020 in ores (75.35%), iron and steel (336%), aluminum (2023%) and copper, and related $ 4 billion and making India the fourth largest exporter of iron ores to China.
According to the ministry, exports of iron and steel amounted to $ 2.53 billion, marking a YoY increase of 336.44% and making India the fourth largest exporter of iron and steel to China.
Exports of aluminum and its articles registered a massive increase of 2023.12% to reach $ 640 million and making India the fifth largest exporter in this category to China (India ranked 21st in 2019), it stated.
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Among the key agricultural commodities, including sugar, rice, oil, etc., which we had focused on in 2019, total exports saw an increase of 58.99% from $ 125.3 million in 2019 to $ 199.14 million in 2020. The major contributors to this increase were cane sugar (387.5%), Soyabean oil (3050%), rice (184%), and vegetable fats, and oils (415%).
The exports of mangoes and fish oil, however, declined dramatically to nil, while tea declined by 6.94% and fresh grapes had a fall of 24.1%.
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