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Amid surge in COVID-19 cases during the pandemic, share of exports to China in India’s total exports too have climbed to 9.71% during April-July, as against 5.2% in the previous year- much to the surprise of people.
Annually, the share of exports to China in India’s total exports has been rising very slowly but this year it has gone up sharply. India’s exports to China have jumped 31% to $7.29 billion during April-July 2020, despite a slump in the economy.
While overall exports have registered a negative growth of 29.99% in the first four months (April-July) of 2020-21, exports to China have increased by 30.71%, shows analysis of the monthly trade data available on the Commerce Ministry portal.
It shows during April-July this year, exports to China increased to $7.29 billion — 30.71% from $5.57 billion in the same period of the last year. However, in this period, the country’s overall exports contracted by 29.99% to $75.01 billion from $107.14 billion in the same period last year.
Exports to China during April-July 2020-21 is the highest since 2007-08, the year since monthly trade figures are available online.
With the latest surge, share of exports to China in India’s total exports have also climbed to 9.71% during April-July, as against 5.2% in the year-ago period.
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Annually, the share of exports to China in India’s total exports has been rising very slowly but this year it has gone up sharply. In the last financial year, China was the third largest importer of Indian goods, with the US, accounting for 16.94% of exports being the largest importer, and the UAE 9.21%, second.
While there is no specific reason given for the jump in Indian exports to China during April-July 2020, it can be due to old pre-contracted orders being shipped once port operations resumed after the COVID-19 lockdown.
The data also shows that during calendar year 2020, there was an increase of 23.15% in exports to China in January, compared to same month of the last year.
