Indo-Chinese bilateral trade surges past $100 billion in Jan-Sept 2022
- IBJ Bureau
- Oct 27, 2022
Bilateral trade of India and China continued to boom, crossing $100 billion for the second year in the first nine months of 2022. India’s trade deficit climbed to over $75 billion, according to trade data released by Chinese Customs.
The total bilateral trade, amid military standoff in eastern Ladakh, went up to $103.63 billion, registering a 14.6 per cent increase compared to the numbers during the same period last year.
China’s exports to India climbed to $89.66 billion, registering an increase of 31 per cent, data released by China’s General Administration of Customs (GAC) said.
However, India’s exports in the past nine months stood at $13.97 billion, registering a decline of 36.4 per cent.
As a result, the total trade deficit went up to over $75.69 billion.
Last year, the India-China bilateral trade had hit a record high of over $125 billion, crossing the $100 billion mark in a year when the relations had touched a new low due to the standoff by the militaries in eastern Ladakh.
Last year, China’s exports to India had gone up by 46.2 per cent to $97.52 billion, while India’s exports to China had grown by 34.2 per cent to $28.14 billion.
The trade deficit for India had stood at $69.38 billion in 2021.