China's share in India's imports comes down to 15.4%

8 Jul 2022 , 10:13 AM

According to reports, the proportion of Chinese imports in the whole country’s inbound shipments has decreased from 16.5% in 2020—21 to 15.4% in 2021—22. They added that the main goods brought into India from China are to supply industries like telecom and power.

Citing a few instances, they said that imports of Active Pharmaceutical Ingredients (APIs) and medication formulations give the Indian pharmaceutical sector the raw materials it needs to produce final products that are also exported.

The rise in demand for these items during COVID-19 can be linked to an increase in imports of equipment used in medicine and science as well as products related to information and communication technology.

One of the insiders added, “In addition, the growing costs of goods internationally have also had a big influence in adding to import value.” Exports to China climbed slightly the previous fiscal year to USD 21.25 billion from USD 21.18 billion, while imports increased to USD 94.16 billion from around USD 65.21 billion.

At USD 21.2 billion in 2021—2022, China was the third-largest export market for India, after the US and the UAE. In 2014—15, exports to the neighboring nation were USD 11.9 billion. Sources also said that from USD 1.4 billion in 2020—21 to USD 626 million in 2021—22, imports of mobile phones from China decreased by 55%.

“For the purpose of maintaining the standards and quality of imported goods, technical requirements have been created for a number of items. This will prevent the entry of subpar goods from any nation, including China “explained a source. PTI RR ABM CS RR ABM