January 16, 2022
1 min read

India-China trade hits $126 billion amid tensions

Analysts attributed the surge in trade to the complementary aspects of the industrial chains of the two countries….reports Asian Lite News

An increase in China-India trade in 2021, which reached a record high surpassing $125 billion amid bilateral tensions, is just another piece of proof that New Delhi is unable to reduce its dependence on the Chinese market, Beijing’s state media claimed.

The total amount of trade between China and India in 2021 stood at $125.66 billion, up 43.3 per cent from 2020, said the Global Times report citing statistics released by the General Administration of Customs (GAC).

Of which, China’s exports to India were $97.52 billion, up 46.2 per cent, while China imported $28.14 billion worth of goods from India, up 34.2 per cent.

Analysts attributed the surge in trade to the complementary aspects of the industrial chains of the two countries.

For example, about 50-60 per cent of chemicals and other materials used by the Indian pharmaceutical industry, which is a pillar industry, are imported from China.

India was China’s 15th largest trade partner in 2021, the Global Times quoted the GAC as saying.

“Analysts said that the boycott of Made-in-China products will not balance the trade deficit and that boosting India’s exports to China is the right choice. Meanwhile, India should not exclude China when it seeks free trade agreements as China is already involved in international free trade mechanisms,” the Global Times said.

Total trade between China and countries that have signed the Regional Comprehensive Economic Partnership (RCEP) – 10 members of the Association of Southeast Asian Nations (ASEAN), Japan, South Korea, Australia and New Zealand – expanded significantly in 2021.

ALSO READ: Stand up for friends: Rahul on China’s land grab in Bhutan

Previous Story

Tsunami again?

Next Story

Global Covid caseload tops 325.7 mn

Latest from -Top News

Call to Greylist Pakistan Over Terror Links

Freddy Svane, the former Danish Ambassador to India, said that it is high time for the world to acknowledge that Pakistan remains the epicentre of terrorism in the region….reports Asian Lite News

Colombia backs India on terror

The change in tone from Colombia is seen as diplomatically significant, especially given its forthcoming role as a non-permanent member of the United Nations Security Council (UNSC). In a diplomatic correction welcomed

Yunus under fire for poll claims

The backlash was sparked by Yunus’ comments during a visit to Japan earlier this week, where he reportedly said that “no one except one party wants elections in December.” Bangladesh’s fragile political
Go toTop

Don't Miss

Rising China threat prompts Japan to overhaul Ocean Policy

The new strategy provides for the strengthening of Japan’s military

‘India aims to voice concerns of Global South, African nations’

India has been emphasising on including the issues pertaining to