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Atmanbir India Mission of India gains momentum as 2020 imports from China accelerate

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).

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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%.

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