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Indian Exports to China Rise while Imports Decline in 2023-24

Updated: Apr 20, 2024 03:12:39pm

Indian Exports to China Rise while Imports Decline in 2023-24

New Delhi, Apr 20 (KNN) India managed to increase its exports to China by 8.07 per cent in the fiscal year 2023-24, reaching USD 16.67 billion, according to data from the Indian commerce ministry. This growth came despite an overall decline in China's imports from the world during the same period.

China's merchandise imports fell by 5.5 per cent in calendar year 2023, reflecting significant challenges faced by the Chinese economy, including declining property investment, accumulating debt risk, and weak consumption growth.

China's merchandise exports also contracted by 4.6 per cent in 2023, marking the first decline since 2016.

In contrast, India's exports to China rose by 7.1 per cent year-on-year in 2023. The top Indian export items to China in the 2023-24 fiscal year were iron ore and concentrates, cotton yarn, quartz, and unwrought aluminium.

While India boosted exports to its northern neighbour, imports from China saw a more modest increase of 3.29 per cent to USD 101.75 billion in the last financial year.

Machinery accounted for nearly 50 per cent of India's total imports from China, with other major import items including plastics, chemicals, steel and steel products, and fertilisers.

The Indian government is currently undertaking a revision of the direct tax code, while also monitoring the impact of rising tensions in West Asia on oil prices and inflation.

The International Energy Agency has warned that inflation could inch higher globally due to increasing oil prices resulting from the regional tensions.

As India navigates the legal and regulatory landscape for foreign direct investment, the Reserve Bank of India Governor Shaktikanta Das has emphasised the need to preserve the country's success in controlling inflation on a durable basis.

(KNN Bureau)


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