While the trade deficit of India crosses USD 100 billion for the first time.
The trade between China and India has surged up to the highest number of USD 135.98 billion in 2022. While the trade deficit between New Delhi with Beijing crossed USD 100 billion as per the metrics released by the Chinese custom on Friday.
According to the annual custom, this new jump in trade between China and India overtook the mark of the earlier year of USD 125 billion mark and increased by 8.4 per cent.
Import of China from India declined to USD 17.48 billion, a year-on-year decline of 37.9 per cent.
The trade deficit for India stood at USD 101.02 billion, crossing the 2021 figure of USD 69.38 billion.
And for the first time, the trade deficit which is a major concern of the Modi government has crossed the mark of USD 100 billion.
The overall trade with China totalled USD 125.62 billion in 2021, an increase of 43.32 per cent year on year crossing the USD 100 billion mark for the first time.
The trade deficit in 2021 stood at USD 69.56 billion as India’s imports from China witnessed an increase of 46.14 per cent to reach USD 97.59 billion.
According to the customs data, China’s overall exports in 2022 increased by seven per cent and imports rose by 1.1 per cent, while China’s trade surplus last year stood at USD 877.6 billion China’s exports increased to USD 3.95 trillion, decreasing from 2021’s high growth of 29.9 per cent while imports increased by 1.1 per cent to USD 2.7 trillion, compared to the previous year’s 30.1 per cent rise.
