According to trade figures issued by Chinese customs, India and China’s bilateral trade increased to over USD 100 billion for the second consecutive year in the first nine months of 2022, while India’s trade deficit increased to over USD 75 billion.
The overall bilateral commerce increased to USD 103.63 billion during the military standoff in eastern Ladakh, representing a 14.6% growth over the same period the previous year.
According to figures issued by China’s General Administration of Customs (GAC), exports from China to India increased by 31% to reach USD 89.66 billion.
However, India saw a loss of 36.4% in its exports during the preceding nine months, falling to USD 13.97 billion. As a result, the overall trade deficit increased to approximately USD 75.69 billion.
In a year when relations between the two countries reached a new low owing to the military stalemate in eastern Ladakh, bilateral trade between the two countries last year reached a record high of over USD 125 billion, surpassing the USD 100 billion thresholds.
China’s exports to India increased by 46.2% to USD 97.52 billion last year, while India’s exports to China increased by 34.2% to USD 28.14 billion. In 2021, India’s trade deficit totalled USD 69.38 billion.