Published On : 03-Jul-2021
India’s export of goods to China has been increasing persistently. In 2020, the Government reported that India’s imports from China have dropped by 13%. It was the consequence of border tension between China and India that began after COVID-19 widespread. Even so, India has stopped relying on China for necessary goods. One of the primary reasons behind this is that China has not undertaken any India-trade restraining policies.
The Line of Actual Control between India and China, i.e.., Eastern Ladakh, has witnessed more outgoing commodities to the Republic of China. According to Cybex Exim Solution custom India Export Data, relationships with China have been enhanced on exports. The 16% increment in commodities exporting from India to China has got other countries thinking!
Indian Importing and Exporting companies consider the “Bharat Self-Reliant Movement” as the primary reason for it. In 2020, India’s Prime Minister, Narendra Modi, provoked the India-China trade relationship by banning over 59 Chinese mobile and PC Applications. However, citizens of India also tried very hard to abandon Chinese companies’ products such as Samsung, Oppo, Vivo, etc.
Yet, Chinese Media did not give enough coverage to India’s stunt. Instead, the media pointed out that due to the COVID-9 pandemic, India’s economic conditions are not good. The unemployment rate in India has increased by 7%. Hence, people could not afford the products anymore. Therefore, due to the decreased demand for Chinese products in the country, the difference took place and increased the trade balance gap.
Do you know? In 2019, Cybex examined and concluded that India’s trade balance with China had improved wildly. According to Economic times, China and India’s (India at a deficit) trade balance was approximately 57 billion in 2019. However, only within a gap of 10 months, the deficit balance decreased by 11 billion USD. Henceforth, putting India at a profitable edge.
Here are some frequently asked questions about India and China trade relations. Let’s get the answers:
Earlier than 2020, India was dependent on China for a far-fetching variety of products. According to India Import Data 2010 at Cybex.in, India’s major imports from China included food products (worth: 18 billion USD), Chemicals (worth: 6 billion USD), Metal (worth 4 million approximately), and Textile and Clothing (worth 1.7 billion). Even today, India is dependent on China for specific categories of products.
India custom import data 2020 with Cybex.in reveals India imports chemicals, automotive components, pharmaceuticals, and electronic apparatus from China. Yet, India’s 2020 import from China was only $53 billion. As compared to India import data 2000, the total exports from China have decreased by eight times.
The answer is NO. Currently, India’s water bodies-based borders are not open for the receival of shipments. According to the latest trade policies of India, importers are permitted to import products from China by signing up for 12 hours of door-to-door air freight. But, here’s a twist! India has banned the imports of a few categories of products from China. These are products that are self-manufactured in India and are a great contributor to Atma Nirbhar Bharat Abhiyan. The list includes Bluetooth speakers, SmartPhones, Smart Watches, Laptops, and such communicative devices.
Furthermore, the freight cost of China-India trade has also increased in several states. Currently, Chinese products imported in Calcutta’s freight cost $80 per CBM. Whereas, For Madras importers, it is only $10 per CBM.
Currently, the trade borders between India and China are temporarily closed due to the tension between countries.
India is not accepting any type of shipment from China.
For India custom trade data and constantly fluctuating relationship between India and China, log on to www.Cybex.in. India’s largest trade data provider.
