China regained its position as India’s top trade partner last year, as New Delhi’s dependence on imported machines from its northern neighbour overshadowed its efforts to curb commerce with China after a bloody border conflict. Two-way trade between the two sides stood at $77.7 billion last year, according to provisional data from India’s commerce ministry.
Although that was lower than the previous year’s total of $85.5 billion, it was enough to make China the largest commercial partner displacing the United States, bilateral trade with which came in at $75.9 billion.China regained its position as India's top trade partner last year, as New Delhi's dependence on imported machines from its northern neighbour overshadowed its efforts to curb commerce with China after a bloody border conflict. Two-way trade between the two sides stood at $77.7 billion last year, according to provisional data from India's commerce ministry.#
While the Indian government banned hundreds of Chinese apps, slowed approvals for investments from the neighbor and called for self-reliance, it continues to rely heavily on Chinese-made heavy machinery, telecom equipment and home appliances. As a result, the bilateral trade gap with China was at almost $40 billion in 2020, making it India’s largest.
Total imports from China at $58.7 billion were more than India’s combined purchases from the United States and the United Arab Emirates, which are its second- and third-largest trade partners respectively.
India also managed to increase its exports to China by about 11 per cent from a year ago to $19 billion last year.
Fibre2Fashion News Desk (DS)
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