Beijing: Chinese imports to India hit an all-time high in the first nine months of this year, statistics have revealed.
China’s General Administration of Customs has released data on international trade for the first 3 quarters of this year. It has been reported that India’s imports have increased by 36.40 percent in the first 3 quarters of this year as compared to last year. India’s imports stood at US$ 68.46 billion at the end of the first 3 quarters of last year, which has increased to US$ 89.66 billion at the end of the first 3 quarters of this year.
At the same time, India’s exports to China declined to $13.97 billion. As a result, the trade deficit has increased to 75.69 billion dollars in the first 3 quarters of this year.
In 2021, bilateral trade between India and China crossed $100 billion for the first time. Last year it was $125.60 billion. India’s imports of certain commodities accounted for $97.50 billion in total imports in 2021. This year it is predicted to be even higher.
Although India has laid emphasis on a visionary plan to reduce Chinese imports, India is forced to purchase many things from China, including raw materials for pharmaceuticals. Due to this, the trade deficit is widening. Government officials have said that since Indian pharmaceutical products are exported to many foreign countries, i.e. there is a high demand for them, Chinese imports are beneficial to our country in a way.
As China’s trade with India has increased, China’s trade with Southeast Asian countries has also increased, according to China’s General Administration of Customs.
China’s trade with Southeast Asian countries including Malaysia, Singapore, Philippines, Thailand, Vietnam, Cambodia, Indonesia is 717 billion dollars in the first 3 quarters of this year. This is an increase of 13.80 percent compared to last year. Similarly, China’s trade with European countries rose by 6.90 percent in the first three quarters of this year to $645 billion.