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<\/p>\nThe trade between India and China has touched an all-time high of $135.98 billion in 2022 while New Delhi’s trade deficit with Beijing crossed for the first time a $100 billion mark despite frosty bilateral relations, according to data released by the Chinese customs on Friday.<\/p>\n
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The total Sino-India trade for 2022 has climbed to 135.98 billion, overtaking the $125 billion mark a year earlier by registering an 8.4 per cent increase, according to the annual Chinese customs data.<\/p>\n
China’s exports to India climbed to $118.5 billion, a year-on-year increase of 21.7 per cent.<\/p>\n
During 2022, China’s imports from India dwindled to $17.48 billion, a year-on-year decline of 37.9 per cent.<\/p>\n
The trade deficit for India stood at $101.02 billion, crossing the 2021 figure of $69.38 billion.<\/p>\n
This is the first time the trade deficit, a serious concern constantly expressed by India, has crossed the $100 billion mark.<\/p>\n
In 2021, the overall trade with China totaled $125.62 billion, an increase of 43.32 per cent year on year crossing the $100 billion mark for the first time.<\/p>\n
The trade deficit in 2021 stood at $69.56 billion as India’s imports from China witnessed an increase of 46.14 per cent to reach $97.59 billion.<\/p>\n
India’s exports to China increased by 34.28 per cent year on year to reach $28.03 billion in 2021.<\/p>\n
The trade between the two countries continued to boom despite border tensions following the military standoff in eastern Ladakh in May 2020.<\/p>\n
According to an official brief on trade posted on the Indian Embassy website in Beijing, “the rapid expansion of India-China bilateral trade since the beginning of this century has propelled China to emerge as India’s largest goods trading partner by 2008”.<\/p>\n
“Since the beginning of the last decade, bilateral trade between the two countries recorded exponential growth.<\/p>\n
“From 2015 to 2021, India-China bilateral trade grew by 75.30 per cent, an average yearly growth of 12.55 per cent”, it said.<\/p>\n
Also, on the global trade front despite the weakening of the US and European demand and the COVID-19 controls leading to periodic shutdowns of several cities including Shanghai, China posted a trade surplus of $877.6 billion in 2022.<\/p>\n
As per the customs data, China’s overall exports in 2022 rose by seven per cent and imports rose by 1.1 per cent, while China’s trade surplus last year stood at $877.6 billion.<\/p>\n
China’s exports increased to $3.95 trillion, decreasing from 2021’s high growth of 29.9 per cent while imports increased by 1.1 per cent to $2.7 trillion, compared to the previous year’s 30.1 per cent rise.<\/p>\n