Bilateral India-China trade in 2020 decreased 5.64% year-on-year to US $ 87.65 billion from US $ 92.89 billion in 2019, according to recent data from the Union Ministry of Commerce on India-China trade in 2020. Indian imports from China also decreased by 10.87% and amounted to 66.78 billion USD compared to 74.92 billion USD in 2019.
“There are good signs that Indian exports to China increased 16.15% from USD 17.896 billion to reach USD 20.87 billion in 2020. This is the highest level on record for Indian exports to China and the first time they cross USD 20 billion, ”the ministry said. .
As a result, the trade deficit with China narrowed by 19.39%, from $ 56.95 billion in 2019 to $ 45.91 billion.
On the other hand, among the 15 main Indian exports (at HS-2 level), a strong increase was observed in 2020 in ores (75.35%), iron and steel (336%), aluminum (2023%) and copper, and grossed USD 4 billion and made India the fourth largest exporter of iron ore to China.
According to the ministry, exports of iron and steel amounted to 2.53 billion USD, marking an annual 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 USD and make India the fifth exporter in this category to China (India ranked 21st in 2019), did he declare.
Among the main agricultural products including sugar, rice, oil, etc., which we had focused on in 2019, total exports increased by 58.99%, from USD 125.3 million in 2019 to USD 1,99.14 million in 2020. The main contributors to this increase were cane sugar (387.5%), soybean oil (3050%), rice (184%) and fats and oils plants (415%).
However, exports of mangoes and fish oil fell dramatically to zero, while tea fell 6.94% and fresh grapes fell 24.1%.