How China regained its place as India’s top trading partner – Times of India
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NEW DELHI: India’s exports to China during the financial year 2020-21 rose to $20 billion for the first time, helping the latter regain its place as India’s top trading partner.
Bilateral trade between the two countries stood at $77.7 billion during the year, higher than the trade between India and the US which stood at $75.9 billion.
Bilateral trade between the two countries stood at $77.7 billion during the year, higher than the trade between India and the US which stood at $75.9 billion.
The country’s continued reliance on China-made goods, especially heavy machinery, telecom equipment and home appliance outweighed its efforts to curb trade with Beijing after a major uproar following border conflict between the two nations.
As a result, bilateral trade gap with China stood at almost $40 billion in 2020, making it India’s largest.
Meanwhile, trade with the US fell at a faster pace as both imports and exports declined.
While India’s trade deficit hit a 5-year low with China, trade surplus with the US was at a 4-year high in 2020.
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