Updated Feb 24, 2021 | 13:06 IST
India’s exports to China increased by 11% to $19 billion in 2020 despite Covid-19 demand shock which led to subdued global trade during the year China topples US as India s top trading partner in 2020; New Delhi s exports to Beijing increase | Photo Credit: Thinkstock
Key Highlights
India’s exports to China increased by 11% to $19 billion in 2020 despite the Covid-19 demand shock
India s trade deficit with Beijing stood at $40 billion in 2020
India blocked 220 Chinese apps in retaliation to Galwan Valley border conflict which left casualties on both sides
China clawed back to being India’s largest trading partner overtaking the US in 2020 despite the Indian government’s best efforts to reduce reliance on cheap Chinese exports amid a tense border conflict with the PLA in eastern Ladakh.
Highlights
Exports of iron and steel amounted to $2.53 billion, marking a Y-o-Y increase of 336.44% and making India the 4th largest exporter of iron and steel to China
Exports of aluminum and its articles registered a massive increase of 2023.12% to reach $640 mn and making India the fifth largest exporter in this category to China
New Delhi: India-China bilateral trade in 2020 decreased by 5.64% Y-o-Y 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.
Accordingly, the trade deficit with China has declined by 19.39% from $56.95 billion in 2019 to $45.91 billion.