Trade between India and China last year declined to the lowest level since 2017. India’s trade imbalance has declined by a five-year low as imports from China have fallen sharply.
Trade between the two countries hit $86.7 billion in 2020, a 5.6% decrease, according to new figures released by China’s General Administration of Customs. Imports from China to India accounted for $66.7 billion, a decline of 10.8% year-on-year and the lowest in more than two years.
Indian exports to China, on the other hand, grew to an all-time high. For the first time surpassing the $20 billion thresholds and growing 16% last year to $20.86 billion.
India and China’s trade deficit dropped to a five-year low of $45.8 billion, the lowest level since 2015.
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