India export to China jumped by 16.15% to $20.87 billion in 2020
According to reports from the commerce ministry, India export to China jumped by 16.15 percent to USD 20.87 billion in 2020 from USD 17.9 billion the previous year, due to a rising rise in ores, iron and steel, aluminum, and copper shipments.
India export to China are the true growth market. Certain Indian items have been allowed market access in China, leading to increased agricultural and marine exports to China. Although there have been some recent challenges with marine packaging, these exports should continue to grow in the future.
According to the report, the country’s trade volume decreased 19.39% from USD 56.95 billion in 2019 to USD 45.91 billion in 2020, and imports from the neighboring country fell 10.87 percent to USD 66.78 billion from USD 74.92 billion in 2019.
In 2020, bilateral trade decreased by 5.64 percent to USD 87.65 billion, down from USD 92.89 billion in the previous year. Cane sugar, soybean oil, and vegetable fats and oils are key agricultural export commodities with great growth. On the other hand, Mangoes, fish oil, tea, and fresh grapes decreased exports.
S K Saraf, President of the Federation of Indian Export Organisations (FIEO), said these data are positive as domestic exporters become more competitive. Electrical machinery and equipment, boilers, machinery, mechanical appliances, plastics, related materials, iron and steel articles, furniture, fertilizers, car parts and accessories, toys and sports equipment, inorganic chemicals, and ceramic products have decreased in imports.
India Ratings and Research highlighted in a note dated July 29 that India’s export markets are opening up, which is great news for Indian exports. Data for FY21 shows that several of India’s top 10 major commodity global exports are also the areas where import growth is expected to be strong in 2021. For more queries or details, please call on +91 9211066888 or contact us IMPEXPERTS