India China Relation: India is beating China ‘not with hands, but with rice’! Modi government reduced imports from neighboring countries –

India China Relation: The climate of heated India-China relations is not limited to border tensions or skirmishes. It has also extended to the commercial sphere. A ban on ‘Made in China’ products has been called for. As a result, it has an impact on bilateral commercial transactions. In view of that, it is seen that India’s import of goods from China has decreased significantly. India’s imports from China fell by 5.42% in November 2022 compared to the same month of the previous year, the statistics said.

India’s imports from neighboring countries fell to $7.65 billion in November 2022 compared to $8.08 billion in the same month of 2021, according to Union Commerce Ministry data. Personal computers (laptops, palmtops etc.), urea and diammonium phosphate are some of the key products whose imports have declined significantly.

It is learned that imports from Chinon have declined for the second consecutive month in FY 2022-23. India’s imports from China have come down to $7.85 billion in October 2022 from $8.70 billion in October last year (October 2021). It is also reported that China’s exports fell by 0.3% due to weak global demand. Again, imports fell by 0.7% due to the increase in corona infection. In October, China’s global trade surplus rose 26.9% from a year earlier to $84.7 billion.

Again, China’s exports to the US fell 11.6% from a year earlier in September to $50.8 billion, and imports of American goods fell 4.6% to $14.7 billion. Trade turnover fell 14.1% to $36.1 billion from a year earlier due to strained political relations with the United States. Exports to the European Union have similarly declined. It fell 23.9% to $47 billion and imports of European goods fell 40.9% to $23.8 billion. But overall China’s trade with the European Union rose 8% to $23.2 billion from a year earlier.
According to forecasts by the World Bank and several non-governmental organizations, China’s economic growth has been severely disrupted by Covid. As a result, China’s growth is expected to slow to around 2.2%.

The International Monetary Fund, however, expects China’s economic growth to recover to 4.4% this year. But even that information is known to be the lowest in the last three decades.

Leave a Comment