Trade between China and India soared to 619.69 billion yuan ($84.49 billion) in the first eight months of 2023, marking a noteworthy 5.2 percent year-on-year increase. This promising data was unveiled by the General Administration of Customs of China on a recent Thursday.
From January to August, China’s cumulative export value to India surged to an impressive 533 billion yuan, sustaining the same 5.2 percent growth rate from the prior year. Simultaneously, China’s imports from India during the same period reached 86.69 billion yuan, registering a notable 5.7 percent year-on-year increase.
In the month of August alone, China’s foreign trade with India reached a substantial 82.74 billion yuan, surpassing the figure from July, which stood at 82 billion yuan.
Business is Business
Cross border Trade of #India & #China consistently on leaps and bounds is pure Consumer-Trader bond, irrespective of stand-offs between Governments.
ChineseProducers are much more well versed on IndianFestivals than native sellers https://t.co/KcpkipN4L0 pic.twitter.com/laZ4umMEfQ— Ananda Bhaskar Rapolu (@ABRAPOLU) September 7, 2023
Interestingly, the growth in trade between China and India has persisted despite India’s implementation of various measures designed to curtail Chinese investments and companies operating within its borders. Liu Zongyi, the Secretary-General of the Research Center for China-South Asia Cooperation at the Shanghai Institutes for International Studies, shared insights on this phenomenon. He noted that it reflects the economic interdependence between the two nations.
India, in recent times, has been striving to position itself as a global manufacturing hub. To achieve this goal, it has deployed a series of protectionist trade policies aimed at reducing Chinese investments and the presence of Chinese companies. According to Liu, India’s approach is primarily driven by nationalist sentiments, which, in the context of globalization, are challenging to fully realize and economically sustainable.
1 – Mr @javeednusrat explains the “Trade Ties Between #India & #China” despite of severe differences on Border Issue
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— Aamir Mughal (@mughalbha) May 7, 2023
Liu emphasized that, despite India’s trade protectionist measures, trade with China has not diminished but has actually increased. This can be attributed to the indispensable role that Chinese products play in the Indian market. Indian companies continue to rely on Chinese goods to meet their diverse needs.
In 2022, the China-India trade relationship reached unprecedented heights, with cross-border trade surpassing $135.98 billion for the year. This marked the second consecutive year that trade exceeded the $100 billion mark. When expressed in yuan terms, the trade volume between China and India exceeded a staggering 905 billion yuan in 2022.
Factbox: India-China ties caught in cross-currents of border tensions, rising trade https://t.co/4pb8snMgmD pic.twitter.com/Vw5tASNyoO
— Reuters (@Reuters) March 25, 2022
Liu Zongyi remains optimistic about the future trajectory of trade between the two nations. He anticipates that as major Indian festivals approach in the latter half of the year, there will be a surge in demand for Chinese products. As a result, he predicts that this year’s bilateral trade between China and India will not only surpass the previous year’s figures in yuan terms but also likely exceed $120 billion in dollar terms. The evolving dynamics of this trade relationship continue to underline the resilience and significance of economic ties between these two Asian giants.
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