How China regained its place as India’s top trading partner

2021-02-24 06:31:32

NEW DELHI: India’s exports with China during the financial year 2020-21 rose to $20 billion for the first time, helping the later regain its place as India’s top trading partner.
Bilateral trade between the two countries stood at $77.7 billion during the year, higher than the trade between India and US which stood at $75.9 billion.

The country’s continued reliance on China-made goods, especially heavy machinery, telecom equipment and home appliance outweighed its efforts to curb trade with Beijing after a major uproar following border conflict between the two nations.
As a result, bilateral trade gap with China stood at almost $40 billion in 2020, making it India’s largest.
Meanwhile, trade with US fell at a faster pace as both imports and exports declined.
Consequently, India’s trade deficit hit a 5-year low with China. While, trade surplus with US was at a 4-year high in 2020.

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