Trade between India and China hits a record high of $136 billion in 2022.
Surpassing the $125 billion mark a year earlier even as New Delhi’s trade deficit with Beijing crosses the $100 billion mark for the first time billion dollars despite frosty bilateral relations, according to data released Friday by China Customs.
China’s exports to India soared to $119 billion, up 22% year-on-year. In 2022, China’s imports from India fell to $17.5 billion, down 38% year-on-year. India’s trade deficit stands at $101 billion, surpassing $69.4 billion in 2021. In 2021, overall trade with China totals $126 billion, an increase of 43 percent from the same period last year, crossing the $100 billion mark for the first time.
The 2021 trade deficit stands at $69.6 billion as India’s imports from China increased 46% to $98 billion.
India’s exports to China reached $28 billion in 2021, up 34.3 percent from the previous year. Despite border tensions following the military standoff in eastern Ladakh in May 2020, trade between the two countries continued to grow.
According to an official summary posted on the website of the Indian Embassy in Beijing, the rapid expansion of trade between the two countries from the beginning of this century made China the largest trading partner of India by 2008. Between 2015 and 2021, bilateral trade between India and China increased by 75%. The average annual growth rate is 13%, the report said.