India’s imports from China recorded a moderate growth of 3.29% to $ 101.75 billion in the last financial year.
Even though China’s imports from the world declined last fiscal, India managed to increase its exports to its northern neighbour by 8.07% on year in 2023-24 to $16.67 billion, according to the commerce ministry data.
India’s imports from China recorded a moderate growth of 3.29% to $ 101.75 billion in the last financial year.
In calendar year 2023, while China’s merchandise imports fell 5.5%, India’s exports to the country went up by 7.1% on year.
China’s merchandise exports, too, contracted in 2023 in dollar terms, for the first time since 2016. The decline was 4.6%.
China’s economy has been facing significant challenges in 2023 including declining property investment, accumulating debt risk and weak consumption growth.
The biggest item of export to China in FY24 was iron ore and concentrates, cotton yarn, quartz, and unwrought aluminium.
The biggest item of import from China in the fiscal was machinery of all kinds , which accounted for almost 50% of total imports.
Other major items of imports from China were plastics and its articles, chemicals, steel and steel products and fertilisers.
Source:financialexpress.com