NEW DELHI – At a time when China has been accused of occupying Indian land at the border, the country’s imports from its neighbour reached a record $57.51 billion in the first half of the year, according to China’s trade figures released on July 13.
According to The Hindu, 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 down by 35% and accounting for only $9.57 billion of the $67.08 billion two-way trade. Imports this year are up 34.5% from the same period in 2021.
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. Trade declined in 2020 on account of the pandemic but is now significantly up 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 has also imported large quantities of medical supplies during the pandemic.
China’s overall export performance in June showed a recovery, up 13.2%, with total trade up 14.3% in June, compared to 9.5% in May 0.1% in April when many cities in the manufacturing heartland, including China’s financial centre Shanghai, were dealing with stringent 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 (GAC).