India’s trade with China soared 62% in H1

Bilateral trade in first six months hits $57.48 bn, surpasses pre-pandemic levels

July 13, 2021 10:55 pm | Updated July 14, 2021 07:08 am IST

India’s trade with China in the first half of 2021 rose by a record 62.7% with total two-way trade surpassing the pre-pandemic levels. (Photo for representation)

India’s trade with China in the first half of 2021 rose by a record 62.7% with total two-way trade surpassing the pre-pandemic levels. (Photo for representation)

India’s trade with China in the first half of 2021 rose by a record 62.7% — the highest increase among China’s major trade partners — with total two-way trade surpassing the pre-pandemic levels.

Two-way trade after six months was $57.48 billion, the highest on record for the first half. Bilateral trade surged from the year-earlier period, when trade slumped amid the pandemic, and surpassed the $44.72 billion pre-pandemic figure recorded in the first half of 2019, according to data released on Tuesday by China’s General Administration of Customs.

India’s imports, driven by record purchases of medical supplies, reached $42.76 billion this year, up 60.4% and higher than the first-half 2019 figure of $35.8 billion.

India’s exports to China climbed 69.6% to $14.72 billion, also the highest figure on record for the first half of any year. India’s biggest exports to China annually are iron ore, cotton, and other raw material-based commodities. The trade deficit after the first six months stood at $28.04 billion.

The 62.7% increase was the highest among China’s major trading partners. Trade with ASEAN, China’s biggest trading partner, was up 38.2% to $410.75 billion. Trade with the EU reached $388.2 billion, up 37%, while two-way figures with the United States were up 45.7% at $340.8 billion. And while trade with South Africa surged 70%, the total bilateral trade figure of $25.32 billion, less than half India’s, does not place the African country among China’s top 25 trading partners.

The GAC said China’s foreign trade in the first half of 2021 “posted the best performance in history, underpinned by the country’s sustainable economic recovery and strong global demand”, the official Xinhua news agency reported, adding that total trade was up 27.1% to $2.79 trillion.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.