India-China Trade Analysis 2021-22
China is India’s largest trading partner. Despite continuous border tensions, India imports from China had increased significantly. India shared a major trade deficit with China. In the financial 2020, India had a trade deficit with China of 44 billion USD. That increased to 73 billion USD in 2021. It came down to 58.02 billion USD in 2022.
As per China import export data reports, the major India imports from China include electronic items, chemicals, fertilizers, dye, crude oil, and pharmaceutical products. On the other hand, India exports to China include various products such as precious stones including diamonds, aluminium, copper, cotton, and iron ore.
Although India is working on Atma Nirbhar Scheme but still shared a major trade deficit with China. Through this blog, you will get a detailed overview of the India-China trade analysis 2021-22.
China Imports from India
As per the China import data, mineral oils, fuels, refined copper, cotton, petroleum oils, crude oils, granite, iron ores, vegetable fats, oils, aluminium oxide, Textiles, engineering goods, seafood, and agricultural products, etc are the major products that India exports to China.
In 2021, China's imports from India had seen a tremendous growth of 34% around 22.9 billion US Dollars. As per experts, Indian exports to China could reach up to 55 billion US Dollars in 2023.
China exports to India
According to the China export data, electronic goods, organic/inorganic chemicals, nuclear reactors, boilers, toys, dairy products, fertilizers, lighting, and automobile parts are the main products that China exports to India. As per India to China customs data, China shared 14% of total Indian imports.
For the fiscal year 2021, China’s total exports to India were worth around 97 billion US Dollars. China exports to India had reduced by 15% as compared to 2019. In 2020, it was around 87 billion US Dollars. China's exports rose to 34% approximately 115 billion US Dollars for the financial year 2022.
Top China Import Export Companies
The Bilateral trade relations between India and China streghten over the years despite political disputes. Now, both Chinese and Indian companies are expanding beyond borders.
There are around 100 Chinese ventures in India. These are mostly machinery, electronics, hardware, IT, and mobile manufacturing companies. Some of the top China import export companies in India are Huawei Technologies, Shanghai Electric, Xiaomi, Vivo, and TCL.
As per India import export data report, there are numerous Indian companies established across major port cities such as Shenzhen and Guangzhou. These include pharmaceuticals, auto parts, trading, banking, IT, and software firms. Reliance, Mahindra, Tata, Infosys, NIIT, Aurobindo Pharma, and Dr. Reddy's Laboratories are some of the most prestigious Indian companies established in China.
Future of India-China trade
The global economy has been impacted by the Russia-Ukraine war. Although, this would have little impact on India-China trade in 2023. Due to adverse health conditions in China, its exports will get a bit affected. But it will recover in the second quarter. India imports from China are expected to increase in 2023 also. As India shares a major trade deficit with China.
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