India-China trade down 0.9% in H1 2023; First signs of weakening in the year

China-India bilateral trade has shown the first signs of slowing in years, falling 0.9 percent in the first half (H1) of this year.

China’s exports to India in the first half of 2023 totaled US$56.53 billion, compared with US$57.51 billion in the same period last year — down 0.9 percent, according to Chinese customs data.

India’s exports to China totaled US$9.49 billion in the same period, compared to US$9.57 billion in the same period last year.

Trade between India and China hit an all-time high of $135.98 billion last year, up 8.4 percent from $125 billion a year earlier.

The Asian giant’s trade deficit narrowed significantly to $47.04 billion in the first half of 2023, compared to $67.08 billion in the first half of last year. The trade deficit hit $101.02 billion in 2022, up 45 percent from $69.38 billion in 2021.

China’s overall trade in US dollar terms fell nearly 5 percent year-on-year in the first half of this year. While exports fell 3.2 percent, imports fell 6.7 percent.

According to a news agency, the country’s exports fell 12.4 percent year-on-year in June this year as demand for central banks to raise interest rates to curb inflation eased.

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