India China trade: India had favorable trade performance with EU, China in 2023: govt

India’s imports from China declined 3% in calendar 12 months 2023 over 2022, the commerce and business ministry stated Monday, including that exports to each China and the EU rose 7.1% and a pair of.1%, respectively through the interval.

The assertion comes greater than every week after report by the United Nations Convention on Commerce and Growth (UNCTAD) confirmed that India’s trade dependence on China and the EU elevated in 2023 whereas it decreased on Saudi Arabia.

In its International Commerce Replace on March 22, the UNCTAD stated that India’s commerce dependence on China and the EU elevated 1.2% every in 2023 whereas it decreased 0.6% on Saudi Arabia. Commerce interdependence between China and the US decreased additional in 2023.

“The present statement of accelerating India’s commerce dependence might carry unfavourable connotation. Nevertheless, element evaluation indicated trade dynamics in favor of India,” the ministry stated.

India’s imports from EU elevated 9.7% in CY2023, it stated, including that India largely imports capital items (35% in CY2022) and intermediate items and uncooked supplies (50% in CY2022) from the EU which are additional used as enter.

The very best enhance of import from EU in CY2023 is noticed in components of phone units, telephones for mobile networks or for different wi-fi networks and of different equipment for the transmission or reception of voice, photos or different knowledge which is an enter for manufacturing of cellular and sensible telephones at $2.4 billion in 2023.India’s export of sensible telephones have risen 98.42% in CY2023 at $14.27 billion
from $7.19 billion in 2022.

“As such, commerce dynamics in CY2023 indicated a way more favorable commerce efficiency for India with each EU and China,” the ministry stated.