The trade between India and China reached an all-time high of $135.98 billion in 2022, while New Delhi’s trade imbalance with Beijing first crossed the $100 billion threshold despite tense diplomatic relations.
According to the yearly Chinese customs figures, overall Sino-Indian trade for 2022 has risen to $135.98 billion, surpassing the $125 billion record by registering an 8.4 per cent gain. China’s exports to India increased by 21.7 per cent year over year to $118.5 billion.
China’s imports from India fell to $17.48 billion in 2022, a decrease of 37.9 per cent year over year. India’s trade deficit increased from $69.38 billion in 2021 to $101.02 billion. India has consistently expressed considerable worry about the trade deficit, which has now surpassed the $100 billion threshold for the first time.
After the military stalemate in eastern Ladakh in May 2020, border concerns between the two countries didn’t stop the trade from booming. 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.”
“From 2015 to 2021, India-China bilateral trade grew by 75.30 per cent, an average yearly growth of 12.55 per cent”, it further stated.
On the international trade front, China produced a trade surplus of $877.6 billion in 2022, despite the slowing US and European demand and the COVID-19 limitations that caused intermittent closures of major cities, including Shanghai.
According to customs data, China’s overall exports increased by 7 per cent in 2022, while imports increased by 1.1 percent. Last year, China had a $877.6 billion trade surplus.
China’s exports climbed to $3.95 trillion, down from the high growth of 29.9 per cent in 2021, while imports rose by 1.1 per cent to $2.7 trillion, down from the high growth of 30.1 per cent in 2021.