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Source: This post is based on the article “India’s trade with China set to exceed $100 billion in 2021” published in The Hindu on 17th October 2021.
What is the News?
According to the data from China’s General Administration of Customs(GAC), India’s trade with China is set to cross the $100 billion mark for the first time in 2021.
What is current India-China Bilateral Trade?
Currently, India and China bilateral trade has increased by 49% to $90.37 billion during the first nine months of 2021.
Among them, India’s imports from China have jumped by 51.7% to $68.4 billion while India’s exports have increased by 42.5% to $21.9 billion.
This bilateral trade is substantially higher than pre-pandemic levels, with bilateral trade up 29.7% compared to the same period in 2019.
Moreover, China’s growth in trade with India was also among the fastest compared to other China’s major trading partners such as ASEAN, EU and the US.
What does India export to China and import from China?
India’s biggest exports to China are iron ore, cotton, and other raw material-based commodities.
India’s biggest imports from China include mechanical and electrical machinery and medicinal supplies. The imports of medical supplies have almost doubled in the past two years.
