China is India’s largest trading partner in 2020
China has become the largest trading partner of India in 2020, leaving behind America. India’s dependence on imports from China has increased despite the government’s emphasis on self-sufficient India.
- Last Updated:February 23, 2021 at 3:17 PM IS
India’s bilateral trade deficit with China is $ 40 billion- Last year, due to border tensions, the Modi government slowed down its approval for investment to reduce dependence on China, including several Chinese apps. During this time, the government had given a lot of joe on self-sufficient India. Despite this, India is heavily dependent on imports from China to China-made heavy machinery, telecommunications equipment and household equipment. Because of which India’s bilateral trade deficit with China was about 40 billion dollars. Which is India’s largest trade deficit with any country.
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The United States and UAE are the second and third major partners – India’s total imports from China in 2020 was $ 58.7 billion, higher than the combined imports from the US and the UAE. The United States and the UAE are India’s second and third largest trading partners respectively. India has undergone a number of management to reduce imports from its Asian neighbor amidst demand during the Corono epidemic. While its exports increased by 11 percent to $ 19 billion in comparison to 2019.Corona epidemic staggered China’s economy- Although China’s economy had deteriorated in the first quarter due to the Corona epidemic, the demand for European Union goods increased at the end of the year as the economic situation improved. In the year 2020, China was the only country among the major global economies where economic growth was seen. Meanwhile, China’s exports to Europe also benefited due to the huge demand for medical devices and electronics.