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Bilateral trade between India and China decreased for the first time in recent years, a decline of about 0.9 percent

Pankaj Prasad
Bilateral trade between India and China decreased
Bilateral trade between India and China decreased

In the first half of the year 2023, a decline of 0.9 percent has been registered in the bilateral trade between India and China.

For the first time in recent years, there have been signs of a slowdown in trade between India and China. Let us tell you that despite the tense relations between India and China during the last few years, there was a lot of growth in the business. However, it has declined this year. In the first half of the year 2023, there has been a decline of 0.9 percent in the trade between the two countries. Explain that after the Kovid crisis, China's economy is facing challenges and its total foreign trade registered a decline of up to five percent.

Figures released by the Customs Department of China

In the first half of this year, trade between India and China stood at $56.53 billion. The trade between the two countries stood at $57.51 billion during this period last year. According to data released by China's Customs Department on Thursday, trade between India and China registered a decline of 0.9 percent in the first six months of the year.

India's exports to China also decreased

There has also been a decline in India's exports to China during this period. It stood at $9.49 billion as against last year's $9.57 billion. The trade deficit also narrowed to $47.04 billion in the first half of 2023 from $67.08 billion. In the year 2022, the bilateral trade of India and China reached its highest level of $ 135.98 billion. Explain that this increase was registered despite the military skirmish between the two countries in May 2020 in Ladakh. In 2022, the trade between the two countries crossed $ 125 billion with an increase of 8.4 percent. During this period, for the first time, India's trade deficit with Beijing crossed $100 billion to reach $101.02 billion due to strained relations, which was $69.38 billion in 2021.