India’s Imports From China Dropped in Nov 2022: Report

India’s imports from neighboring China decreased by 5.42% in November 2022 as compared to the same month last year, The Indian Express Reported.

The report said that data from the Department of Commerce showed that India’s imports from neighboring countries declined to $7.65 billion in November 2022, compared to $8.08 billion in the same month of 2021.

Personal computers (laptops, palmtops etc.), urea and diammonium phosphate are some of the major items which saw a decline.

Reportedly, this is the second consecutive month in FY 2022-23 when imports from China have seen a decline. In October last year, India’s imports from China declined to $7.85 billion from $8.70 billion (October 2021).

In addition, China’s October exports fell 0.3% on weak global demand, with imports falling 0.7% as the virus hit consumer spending, AP news agency reported.

In October, China’s global trade surplus increased by 26.9% from a year earlier to $84.7 billion.

Exports to the United States fell 11.6% to $50.8 billion in September from a year earlier, while imports of American goods fell 4.6% to $14.7 billion. The politically volatile trade surplus with the United States narrowed to $36.1 billion from 14.1% a year earlier.

The AP reported that exports to the European Union fell 23.9% to $47 billion, while imports of European goods fell 40.9% to $23.8 billion. China’s trade surplus with the European Union rose 8% from a year earlier to $23.2 billion.

World Bank and private sector forecasters have slashed their forecasts for China’s economic growth to 2.2% last year due to an infection spike that began in early October and challenged Beijing’s “zero-Covid” target of treating every case be separated

The International Monetary Fund expects a 4.4% recovery this year, but it will still be among the lowest in three decades.

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