Along with India’s imports from China, there has been a sharp decline in its trade deficit in November. Trade between the two countries has been close to US $ 78 billion in the last 11 months as compared to US $ 84.4 billion in 2019.
At the end of November, China’s shipment (import) to India was close to US $ 59 billion, a decline of 13 percent. At the same time, India has helped to reduce its trade deficit which has come down from $ 51.6 billion to $ 40 billion last year. For the first time since 2005, such a decline has been recorded in India’s trade deficit.
Last week, the Ministry of Commerce of India had reported that India’s total imports registered a decline of 13.3 percent in November. After that, there was wide possibility of declining China’s exports to India.
Central government data shows that India’s imports of electrical and non-electric machinery have declined by 13.4% and China has been the largest importer of this type of material in India.
China’s official data shows that China’s exports grew by 21.1% in November. This is the fastest increase since February 2018, as reported by the news agency Reuters. This increase in sugar exports is almost double compared to October.
Despite the global economic slowdown and the impact of the epidemic, China has exported more in the month of November. This is about 268 billion dollars.
According to government data, in the year 2019, electrical machinery and other electric products were imported by China at the most, which was worth about $ 20 billion.
According to the Indian embassy in Beijing, in addition to electric goods, India ships organic chemical, iron ore, cotton and fertilizer from China.
At the same time, India’s exports to China were 16% in November, which reached US $ 19 billion after 11 months of this year. This was probably due to the improvement in Chinese imports of iron ore.
Apart from this, China agreed to import rice from India in November itself. This is the first time in the last three decades that China is going to import rice from India.
According to a Global Times report, the rice deal was ‘purely a commercial move’, as it was ‘cheaper than its domestic counterparts’.