India’s imports from neighbour China dropped by 5.42% in November 2022 over the same month of the previous year, The Indian Express reported.
The Department of Commerce data shows India’s imports from the neighbour declined to $7.65 billion in November 2022 as compared to $8.08 billion in the same month of 2021, the report said.
Personal computers (laptops, palmtops etc.), urea, and diammonium phosphate are some of the key items that witnessed a decline.
Reportedly, this is the second consecutive month in FY 2022-23 that imports from China have seen a decline. In October last year, India’s imports from China dropped to $7.85 billion from $8.70 billion (October 2021).
Moreover, news agency AP reported that China’s October exports fell 0.3% on weak global demand, imports down 0.7% as virus curbs hurt consumer spending.
In October, China’s global trade surplus widened by 26.9% over a year ago to $84.7 billion.
Exports to the United States shrank 11.6% from a year earlier in September to $50.8 billion while imports of American goods edged down 4.6% to $14.7 billion. The politically volatile trade surplus with the United States shrank by 14.1% from a year earlier to $36.1 billion.
The AP report had added that exports to the European Union tumbled 23.9% to $47 billion while imports of European goods plunged 40.9% to $23.8 billion. China’s trade surplus with the EU widened by 8% from a year earlier to $23.2 billion.
The World Bank and private sector forecasters have cut estimates of China’s economic growth last year to as low as 2.2% due to the infection spike that started in early October and challenged Beijing’s “zero-COVID” goal of isolating every case.
The International Monetary Fund expects a recovery to 4.4% this year, but that still would be among the lowest levels of the past three decades.
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