New Delhi: India’s goods imports from China declined during January-April 2024. Chinese goods imports fell from $8.96 billion in January to $8.09 billion in February, $7.75 billion in March, and was flat at $7.79 billion in April.
China’s share in India’s imports too declined during January-February, despite a rising trend in overall imports. During January, while India’s total imports stood at $53.35 billion, China’s share stood at 16.79%, which fell to 13.46% in February when total imports rose to $60.11 billion.
However, China’s share in India’s imports stood at 13.53% and 14.4% in March and April, respectively, while imports stood at $57 billion and $54 billion respectively.
During April, China took the largest share in India’s import basket, followed by Russia (9.7%), the United Arab Emirates (6.14%), the US (5.9%) and Saudi Arabia (5.9%).
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Top imports from China include telecom and smartphone parts, laptops and PCs, plastic, iron and steel, chemicals, non-assembled cells, lithium-ion batteries, fertilizers and other electronic goods like radio transmission and television apparatus parts.
India’s exports to China rose from $15.31 billion in 2022-23 to $16.67 billion in 2023-24. By contrast, India’s imports from China rose from $98.51 billion in 2022-23 to $101.75 billion in 2023-24.
Overall, China was India’s largest bilateral trade partner in 2023-24. During 2023-24, bilateral trade between India and China stood at $118.4 billion. During the fiscal year, imports increased 3.24% to $101.7 billion and exports rose 8.7% to $16.67 billion.
For 2023-24 as a whole, India’s merchandise exports stood at $437.06 billion, down from $451.07 billion during the previous fiscal. Goods imports fell to $677.24 billion from $715.97 billion recorded during the same period.
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