China Replaces US as India’s Top Trade Partner

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New Delhi- India’s exports to China has increased by 16.15 per cent to USD 20.87 billion in 2020 from USD 17.9 billion in the previous year on account of healthy growth in the shipments of ores, iron and steel, aluminum and copper, according to the data of the commerce ministry.

Trade deficit with China has declined 19.39 per cent from USD 56.95 billion in 2019 to USD 45.91 billion in 2020 as the country’s imports from the neighbouring country contracted 10.87 per cent to USD 66.78 billion from USD 74.92 billion in 2019, the data showed.

The bilateral trade in 2020 decreased by 5.64 per cent to 87.65 billion compared to USD 92.89 billion in the previous year.

In the agriculture sector, the main export commodities which recorded healthy growth include cane sugar, soybean oil, and vegetables fats and oils.

However, the exports of mangoes, fish oil, tea, and fresh grapes declined.

Commenting on these numbers, Federation of Indian Export Organisations (FIEO) President S K Saraf said that this is a positive sign and it reflects increasing competitiveness of domestic exporters.

Imports of goods including electrical machinery and equipment, boilers, machinery and mechanical appliances, plastics and related articles, articles of iron and steel, furniture, fertilizers, vehicle parts and accessories, toys and sports equipment, inorganic chemicals and ceramic products have recorded a decline.

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Press Trust of India

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