The General Administration of Customs released data: China-India trade increased by 70 percent year-on-year in the first five months of this year, ranking first among major countries in terms of growth rate
2021-06-07: [Original Article Link].
[Global Times-Global Network Reporter Ni Hao] In the complex geographical relationship and India's "hostility" to the Chinese economy, China-India trade is constantly creating new heights.
According to the General Administration of China Customs (GACC) Jun 7 data published by the 2021, 1-May fen, in United States dollars, the bilateral trade volume reached 48.155 billion billion US dollars, year-on-year growth in 70%. 1-May fen India imported from China 35.898 billion dollars of product, compared with the same period last year increased by 64.1%.
May fen Sino-Indian trade for 9.473 billion dollars, up from 4.622 billion this time last year, up more than 100% in.
Due to the epidemic situation and other factors, 2020, the first 5 months of Sino-Indian trade there was an obvious atrophy. The size of bilateral imports fell sharply by 23.1% in 2019, while India's imports from China fell by 24.8%.
The General Administration of China Customs (GACC) today released data show that this year the first 5 months of the bilateral trade has fast recovery not only recouped all their last year of the land-lost, and there was also a significant increase compared to 2019 before the outbreak.
In the table of the total value of China's major import and export commodities in May (in US dollars) issued by the General Administration of Customs of China on 7 June, among the more than 20 countries and regions listed, china-India trade ranked first among all countries and regions with a year-on-year growth rate of 70.1%. In addition, the year-on-year growth rate of India's imports from China is only slightly lower than that of the Philippines and the United Kingdom.
The growing bilateral trade between China and India has led China to replace the United States as India's largest trading partner in 2020. India's Ministry of Commerce and the relevant data show that 2020, bilateral trade for 77.7 billion dollars. Although less than the previous year's 85.5 billion dollars, but enough to make China overtook the US as India's largest trade partner, and over the same period between India and the United States of the bilateral trade between the two countries fell to 75.9 billion dollars.
2020, India imported from China 58.7 billion dollars of goods, ranking the first imports is ranked in the second and third of the United States with the United Arab Emirates (UAE) of the sum of. In 2020, China exported almost all the commodities in the chapter category to India, ranging from agricultural products, industrial raw materials, machinery and equipment, industrial products and daily necessities. The BBC quoted Amitendu Parlett, an economist at the National University of Singapore, as saying: "The continued dependence on Chinese imports is due to the lack of domestic supply of these goods (in India)."
However, India has always wanted to change the trade pattern between the two countries, especially driven by the "Made in India" strategy, India has frequently initiated trade remedy measures against China, which has shown a growing trend in recent years.
Statistics from the official website of the Ministry of Commerce of China show that from 2010 to 2020, there were a total of 1067 cases of global trade remedy against China. Among them, the top three countries and regions were 163 in the United States, india 156, EU 73. The cases still under investigation totaled 87 cases, of which India ranked first with 19 cases. Australia came in second with 8. Since 1995, India initiated a total of 322 cases of original trade remedy cases against China. Among them, a total of 25 cases in 2020, the highest in history.
However, India's series of measures to restrict the import of Chinese goods have not been effective, and the trade volume between the two countries has been rising in a complex environment.
Lu Yang, a researcher at Tsinghua University's "Belt and Road Initiative" Strategic Research Institute, told the Global Times a few days ago that when the epidemic first occurred, India misjudged the situation, extreme measures have been taken to decouple from China's economy and trade to varying degrees. But contrary to expectations, China's economy has not only recovered rapidly, but has even consolidated its status as a "world manufacturing factory" during the epidemic. Lu Yang believes that China has the most complete industrial chain in the world, and it is difficult for the whole world to cut with China, let alone a country.
Note: This is an auto-translated version of the article meant for Chinese audience. A mature and nuanced reading is suggested.