India’s imports from China surge to record high in first 9 months of year

India’s imports from China surge to record high in first 9 months of year

• India’s imports from China have risen 31% for the nine months ended September, propelling two-way trade past $100 billion and the trade deficit to a record high.
• India imported $89.66 billion worth of goods from China in the period, the highest on record for three quarters in any year.  Imports stood at $68.46 billion at the end of Q3 of 2021, which was itself a record high.
• India’s exports to China in the first nine months of this year were down by as much as 36.4% at $13.97 billion, data from China’s General Administration of Customs (GAC) showed. The trade deficit in the period grew to $75.69 billion.
• In 2021, trade crossed $100 billion for the first time, reaching $125.6 billion. India’s imports accounted for bulk of the trade, reaching a record high of $97.5 billion, which is almost certainly set to be exceeded this year.