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.
“Good signs that Indian exports to China increased by 16.15% from $17.896 billion to reach $20.87 billion in 2020. This is the highest level ever for Indian exports to China and the first time they have crossed $20 billion,” said the ministry.
Accordingly, the trade deficit with China has declined by 19.39% from $56.95 billion in 2019 to $45.91 billion.
On the other hand, among the top 15 Indian exports (at HS-2 level), a steep rise was witnessed in 2020 in ores (75.35%), iron and steel (336%), aluminum (2023%) and copper, and related $4 billion and making India the fourth largest exporter of iron ores to China.
According to the ministry, exports of iron and steel amounted to $2.53 billion, marking a Y-o-Y increase of 336.44% and making India the fourth largest exporter of iron and steel to China.
Exports of aluminum and its articles registered a massive increase of 2023.12% to reach $640 million and making India the fifth largest exporter in this category to China (India ranked 21st in 2019), it stated.
Among the key agricultural commodities, including sugar, rice, oil, etc., which we had focused on in 2019, total exports saw an increase of 58.99% from $125.3 million in 2019 to $1 99.14 million in 2020. The major contributors to this increase were cane sugar (387.5%), Soyabean oil (3050%), rice (184%), and vegetable fats, and oils (415%).
The exports of mangoes and fish oil, however, declined dramatically to nil, while tea declined by 6.94% and fresh grapes had a fall of 24.1%.