New Delhi: According to recent data from the Union Ministry of Commerce on India-China trade in 2020, India-China bilateral trade declined by 5.64% in 2020 to $ 87.65 billion compared to $ 92.89 billion in 2019. It is noteworthy that Indian imports by China have also come down by 10.87%. And $ 66.78 billion compared to $ 74.92 billion in 2019.
“There are good signs that Indian exports to China have increased by 16.15% from $ 17.896 billion to $ 20.87 billion in 2020. This is the highest level of Indian exports to China and for the first time they have crossed $ 20 billion., “The ministry said.
Accordingly, the trade deficit with China decreased by 19.39% from $ 56.95 billion in 2019 to $ 45.91 billion in 2019.
On the other hand, among the top 15 Indian exports (at HS-2 level), 2020 saw a boom in ores (75.35%), iron and steel (336%), aluminum (2023%) and copper. The related $ 4 billion and makes India the fourth largest exporter of iron ores to China.
According to the ministry, iron and steel exports amounted to $ 2.53 billion, marking a yo growth of 336.44% and making India the fourth largest exporter of iron and steel to China.
Exports of aluminum and its articles registered a huge 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).
Among the major agricultural commodities including sugar, rice, oil etc. which we focused on in 2019, total exports saw a 58.99% increase from $ 125.3 million in 2019 to $ 199.14 million in 2020. The major contributors to this increase were sugarcane sugar (387.5%), soybean oil (3050%), rice (184%), and vegetable fats and oils (415%).
However, exports of mango and fish oil declined dramatically, while tea declined by 6.94% and fresh grapes declined by 24.1%.