India’s imports from China rise to $78.88 billion during Jan-Nov 2021
India’s exports to China have increased by 24 per cent to USD 21.54 billion during January-November 2021, while imports jumped to USD 78.88 billion in the same period as against USD 52.16 billion in the corresponding period of 2020, Parliament was informed on Wednesday.
The major items of import from China include telecom instruments, computer hardware and peripherals, fertilisers, electronic components/ instruments, project goods, organic chemicals, drug intermediates, consumer electronics, and electrical machinery, Minister of State for Commerce and Industry Anupriya Patel said in a written reply in the Lok Sabha.
However, the imports were static between 2019-20 and 2020-21, she said.
“The exports to China have increased from USD 17.33 billion in Jan-Nov 2020 to USD 21.54 billion in Jan-Nov 2021 exhibiting an increase of 24 per cent. The imports have increased from USD 52.16 billion in Jan-Nov 2020 to USD 78.88 billion in Jan-Nov 2021,” the minister said.
She added that some of India’s imports from China, like the Active Pharmaceutical Ingredients (APIs) and drug formulations, provide the Indian pharma industry raw material for producing finished goods, which are also exported out of India.
In a separate reply, Commerce and Industry Minister Piyush Goyal said that imports from China have increased from USD 60.41 billion in 2014-15 to USD 65.21 billion in 2020-21, exhibiting a marginal increase of 7.94 per cent over FY15.
The imports stood at USD 59.03 billion during April-November this fiscal. It was USD 65.21 billion in 2020-21.
“For the seven years period prior to 2014-15, the imports from China increased from USD 17.47 billion in 2006-07 to USD 51.03 billion in 2013-14 exhibiting an increase of 192 per cent,” he said.
The minister added that India’s exports to China are growing steadily and increased from USD 11.93 billion in 2014-15 to USD 21.19 billion in 2020-21, exhibiting an increase of 77.6 per cent over FY15.
“The commodities exhibiting increase in exports include engineering goods, petroleum products, organic and inorganic chemicals, electronic goods, cotton yarn, marine products, minerals and ores etc,” Goyal said.
The government, he said, has made sustained efforts to achieve a more balanced trade with China, including bilateral engagements to address trade issues.