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India’s Chinese import UPSC NOTE

 

Why in News

  • India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19, and the country’s share of India’s industrial goods imports has risen from 21% to 30% over 15 years, says a report by the Global Trade Research Initiative (GTRI) which reckoned that Chinese imports will rise sharply in coming years

  • Goods imports from China have risen 2.3 times faster than India’s total imports over 15 years

  • China is the top supplier in eight major industrial sectors, including machinery, chemicals, pharmaceuticals, and textiles, electronics sector.

Major imports

  • India’s total merchandise imports stood at $677.2 billion in 2023-24, of which 15% or $101.8 billion worth goods were sourced from China.

  • Almost 42% of India’s textile and clothing imports and 40% of its machinery imports in the period came from China, while the number was 38.4% for electronics, telecom and electrical products.

  • China also accounted for 29.2% of chemicals and pharmaceuticals imports into India, 25.8% of plastic product imports and 23.3% of automobile sector inbound shipments. 

  • A lower dependence on China was seen in the case of iron, steel and base metal imports, with just a 17.6% share of inflows coming from the nation.

Trade deficit concern

  • Growing trade deficit with China is a cause of concern

  • Between 2018-19 and 2023-24, India’s exports to China have stagnated around $16 billion annually while imports have surged, resulting in a cumulative trade deficit exceeding $387 billion over six years


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s Chinese import UPSC NOTE
India’s Chinese import UPSC NOTE
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