The exports to China increased over the past few years from India. Reaching 8.74%, it is still very low compared to the pre-pandemic levels. Thus, there is a need to focus more on exports to make India an export-oriented country. It fell all of a sudden after the pandemic. However, it is still in increasing mode at the moment. Currently, the country has an export of 8.74% worth $16.67 billion of exports to China. Let us dive deeper into the exports of the country to China and its growth rate.
India’s Export with China Is Increasing But Still Below Pre-Pandemic Levels
India’s exports to China are rising and reached 8.74%. The country made an export worth $15.33 Billion in the financial year 2023. However, it increased to $16.67 Billion in the Financial year 2024. Apart from that, China exported $101.75 Billion worth of goods to the country. It increased as well. However, The percentage of increase in imports from China was around 3%.
The exports to China are increasing but still beyond the level in pre-pandemic. Thus, it is a matter of concern for the country being a trade deficit with China. The trade deficit amount is said to be $387 billion. Apart from that, the overall exports also witness a fall. The exports of merchandise fall to $437.06 billion. It was $451.07 billion in the previous year.
March 2024 recorded the lowest trade deficit for the year. Apart from that, it had the lowest trade deficit of $14.4 billion in April 2023. Everyone is curious to know more about the upcoming performance of India. As per the details, there will not be much dependence on the imports to the country.
India is becoming independent of imports slowly. It is moving towards the growth of exports. The numbers are moving slowly. However, the expectations are that the exports will grow further. To conclude, India is experiencing a rise in the exports to China. However, it is still struggling to match the exports pre-pandemic. There is an 8.74% rise in India’s exports to China. The current year had an export of $16.67 billion in FY 2024. While the imports from China were $101.75 Billion in FY 2024.
It indicates the sudden struggle of India to neutralize its trade deficit. To work on the exports, the country is taking initiatives to increase domestic manufacturing. In its recent EV project by Tesla, the government focused on increasing exports and domestic manufacturing in India. Thus, it took a target to take 50% of manufacturing to domestic by the next five years for all Tesla products. Stay tuned for more information on our website.