The country has seen an increase in imports from China in the month of July.
The way the political situation changed after the encounter between the Indian and Chinese armies in the Galwan Valley. A similar change was attempted to be brought about on the economic side as well. Many Chinese applications were banned. Anti-dumping duties on many types of goods were increased. Even after that, Indian imports from China did not decrease. The share of Chinese products in the Indian markets has been increasing continuously. The figures for July have come out, they are very shocking. India’s import bill from China has increased by 13 percent. Whereas the export situation is completely opposite. In which a fall of more than 9 percent has been seen. Let us try to understand from the data what are the export and import conditions of India.
Imports from China continue to increase
The country’s exports to China declined 9.44 per cent to $1.05 billion in July, while imports rose 13.05 per cent to $10.28 billion. According to data from the Commerce Ministry, in the April-July period of the current financial year, exports to China declined 4.54 per cent to $4.8 billion, while imports rose 9.66 per cent to $35.85 billion. Thus, India’s trade deficit with China rose to $31.31 billion. China has emerged as India’s largest trading partner, overtaking the US with trade (exports and imports) worth $118.4 billion in the financial year 2023-24.
In the last financial year, India’s exports to China rose 8.7 per cent to $16.67 billion. Imports from neighbouring countries rose 3.24 per cent to $101.7 billion. The trade deficit widened from $83.2 billion to $85 billion for the financial year 2022-23. China was India’s largest trading partner in 2013-14, 2017-18 and 2020-21. Before China, the United Arab Emirates (UAE) was the country’s largest trading partner. The US was the largest partner in 2021-22 and 2022-23.
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Import and export from America and Russia.
According to the data, the country’s exports to the United States increased by 3.15 percent to $6.55 billion in July, while imports rose by 1.43 percent to $3.71 billion. In the April-July period of the current financial year, exports to the United States increased by 9 percent to $27.44 billion, while imports increased by 6.59 percent to $15.24 billion. Thus, the trade surplus stood at $12.2 billion. Similarly, the country’s imports from Russia increased by 22.56 percent to $5.41 billion in July. Due to crude oil imports during April-July of the current financial year, total imports increased by 20.33 percent to $23.77 billion.
Decrease in exports from these countries.
According to the report published by the government, in the month of July there has been a decline in the country’s exports to Britain, Germany, South Africa, Malaysia, France, Italy, Australia, Nepal, Brazil, Belgium, Turkey and Indonesia. On the other hand, there has been an increase in exports to America, the United Arab Emirates, the Netherlands, Singapore, Saudi Arabia, Bangladesh and Mexico. According to experts, there are currently signs of recession in the rich countries of the world. After that, there has been an increase in exports in these countries, which is a very important thing.
Reason for the increase in imports from China
Asked about the reason for the rise in imports from China, Commerce Secretary Sunil Barthwal said no country in the world, including the US and the European Union, can remain isolated from China. He said India is one of the fastest growing major economies in the world and its consumption is also increasing. He said if imports are increasing in line with exports or domestic consumption, then I don’t think we need to worry about it.
