India-China bilateral trade in the year of 2021 increased by 43.31% year on year to reach US$ 125.62 billion. Indian Embassy in its annual commercial report on trade with China in 2021 said, India’s exports to China increased by 34.28% year on year to reach US$28.03 billion, while India’s imports from China witnessed an increase by 46.14% to reach US$97.59 billion.
The trade deficit came at US$ 69.56 billion, increasing by 51.53% year on year.
The report further said, in 2021, India was the 14th largest trade partner of China, the 8th largest export destination for Chinese products, and the 24th largest exporter to China. In 2021, India’s top exports to China included iron ores, diamonds, aluminum, and refined copper cathodes.
India’s exports of iron ores to China increased by 18.84% year on year to reach US$ 3.10 billion, making India the fifth largest exporter of iron ores to China. India’s exports of diamonds to China amounted to US$ 2.56 billion, and with a remarkable year-on-year increase of 107.38%, India was the second largest exporter of diamonds to China.
In 2021, with a year-on-year increase of 36.77%, China’s exports of electrical machinery and equipment to India topped all other categories of products to reach US$ 26.99 billion. India was the largest export destination for Chinese organic chemicals valued at US$11.83 billion. In 2021, China’s global total trade increased by 29.83% year on year to come at US$ 6.05 trillion.