India’s merchandise trade
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India’s merchandise trade
Subject :Economy
Context:
India’s imports from China rose sharply post the Galwan clash, in which 20 Indian soldiers were killed.
Concept:
- China is India’s second biggest trading partner after the United States in 2021-22.
- In 2021-22, India-China bilateral trade stood at $115.83 billion—11.19 per cent of India’s total merchandise trade of $1,035 billion.
- The bilateral trade between the two countries increased post 2002-03 and China became India’s top trading partner in 2011-12, from 2013-14 to 2017-18 and again in 2020-21.
Differences in trading relation between India-USA and India-China
- India had a trade surplus of $32.85 billion with the US during 2021-22.
- India imported petroleum crude, coking coal, LNG, diamonds, almonds, turbo-jets, etc. from the USA.
- India exported– diamonds, gold jewellery set with diamonds, vannamei shrimp, and turbo-jets etc
- India had a trade deficit of $73.31 billion with China-the highest for any country due to unprecedented surge in imports from India.
- During 2021-22, 15.42 per cent of India’s total imports ($613.05 billion) came from
- India imported-electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers and parts; nuclear reactors, boilers, machinery and mechanical appliances and parts of thereof; organic chemicals; plastic and plastic articles; and fertilisers.
- India exported– 5 per cent of India’s total shipments ($422 billion) which included-Ores, slag and ash; organic chemicals, mineral fuels, mineral oils and products of their distillation, bituminous substances, mineral waxes; iron and steel; aluminum and articles of thereof; and cotton.
India’s merchandise trade:
India’s top-10 trading partners (2021-22)-USA, China, UAE, Saudi Arabia, Iraq, Singapore, Hong Kong, Indonesia, South Korea, and Australia.
Top exports-Petroleum Products>Pearl, Precious and Semi-precious Stones>Iron and Steel>
Drug Formulations, Biological>Gold and Other precious metal Jewellery
Top export destination:
Top imports- Petroleum crude>gold>petroleum products>Pearl, Precious, Semi-precious Stones>Coal, Coke and Briquettes etc.
Top import destinations:
