HomeMONEYTrade with India jumped by over 70% in 2021, shows China’s customs...

Trade with India jumped by over 70% in 2021, shows China’s customs data

Because of this, in India, medical products imported from China, in order to fight the deadly second wave of the Covid-19 pandemic, the trade turnover between the two neighbouring countries has increased by over 70% year-on-year, to $ 48 billion in the first six months of 2021 at the latest, the Chinese customs data showed on Monday.

Calling it “an impressive development of the Chinese government, the media’s interpreted the growth in bilateral trade, which is a sign of resilience in the relationship between the two countries, and, in spite of the conflicts and political differences.

“The trade turnover between China and India increasing by $70.1%, in terms of being in the first five months of this year is already $ 48.16 billion, as a result of that, the Chinese customs data released on Monday. In particular, the Chinese exports to India increased by 64.1% in the year, in the January-May period, while imports increased by 90.2%,” the Global Times tabloid said.

The volume of bilateral trade between India and China, with more trade, which is carried out in Beijing, the partners, according to the report.

Trade with India jumped by over 70% in 2021, shows China’s customs data
Trade with India jumped by over 70% in 2021, shows China’s customs data

The most recent statistics released by the General Administration of Customs of China (GAC) on Monday.

It is mainly used in China, because of the growth of trade, particularly in China, India’s exports grew substantially during the period of April-May.

Even with the trade of goods between China and India in the first quarter of 2021 at the latest, the total volume of trade increased to $ 27.7 billion, an increase of 42.8% from the year-to-year.

This increase can be attributed to the increase in Chinese exports of medical equipment and products of the Indian companies to combat the rise in Covid-19 cases over the past couple of months.

“If anything, this extraordinary rate of growth indicates that China’s and India’s trade has been far shrugged off the impact of the political tensions that are caused by last year, the value of the friction, and is quickly recovered,” the report noted, according to the state-run media.

The trade turnover between China and India in the year 2020 decreased by 5.6% to $ 87.6 billion, the lowest level since June 2017. However, China is still the united states is to become India’s largest trading partner in the last year.

According to the Indian Embassy in Beijing, despite the fact that the bilateral trade volume between the two countries has increased exponentially, despite the falling the previous year as a result of the Covid – 19 pandemic, India is still burdened with a large trade deficit.

“The growing trade deficit with China can be attributed to two factors: (a narrow basket of goods, mainly raw materials, we are exporting to China, and the barriers to entry into the market for the agricultural products and the sectors in which we compete, such as pharma, IT/ITES, etc are Our main export markets comprised of cotton, copper, diamond, or stone, “the Indian Embassy said on its website in the”the India-China Trade and Economic Relations” section.

The chinese company has seen a growth in the demand for medical equipment, in particular, oxygen concentrators, over the past few months, following the experience of the second wave of the coronavirus pandemic.

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