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India foreign trade crosses $1tn in 2022. Record $100bn imports from China widen deficit

InduQin

India’s international trade crossed the $1 trillion mark for the first time in the year ending December 2022. However, data from the Ministry of Commerce and Industry show that this has come with a record high trade deficit — over $85 billion — with China.


An analysis of the official data also highlights the rising concentration of the neighbouring country in India’s overall imports over the past 10 years.


According to the data for January-December 2022, with exports worth $453 billion and imports to the tune of $723 billion, India’s overall international trade reached $1.17 trillion, 21 per cent above the previous year’s $969 billion.


India’s trade deficit — excess of imports over exports — stands at $270 billion, about 51 per cent higher than $178 billion in 2021.


An analysis of India’s foreign trade statistics shows that while international trade has risen by 15 per cent on average in the past 10 years, both India’s exports and imports have become slightly more concentrated, or limited to fewer countries.

Read More at https://theprint.in/economy/india-foreign-trade-crosses-1tn-in-2022-record-100bn-imports-from-china-widen-deficit/1392256/



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