[May 18, CGTN Japanese]According to the Global Trade Research Initiative, an Indian think tank, China will overtake the United States to become India’s largest trading partner again in fiscal year 2023 (April 2023 to March 2024). Trade between China and India will reach $118.4 billion (approximately 18.52 trillion yen), slightly surpassing trade between the United States and India.

According to reports, India’s total trade with the US in FY23 was $118.3 billion (approximately JPY 18.5 trillion). Both exports and imports of India’s trade with the US declined, with imports falling by 20%. According to the Indian Ministry of Commerce, China was India’s largest trading partner from FY2013 to FY2017 and again in FY2020. Meanwhile, the US was India’s largest trading partner in FY2021 and FY2022.

A recent report by the Global Trade Research Programme predicts that India’s imports in 2023 will be $677.2 billion (approximately 105.9 trillion yen), of which imports from China will be $101.8 billion (approximately 15.9 trillion yen), accounting for 15% of India’s imports. 98.5% of goods imported from China were industrial goods. India’s imports of industrial goods will be $337 billion (approximately 5.27 trillion yen), with Chinese products accounting for 30%.

Indian media outlet The Economic Times recently reported that India’s imports of electronic, telecommunications equipment and electrical products in fiscal 2023 will be $89.8 billion (about 14 trillion yen), of which 43.9% will come from mainland China.

In addition, Indian economist Melotta, in an article published in the Indian media “Financial Express,” introduced Sino-Indian trade, saying, “India’s exports to China are mainly primary commodities such as minerals and metals, while China’s exports to India are high-value-added products such as electronics and machinery. India continues to make inroads to reduce trade imbalances, increase market participation, and promote mutual investment.” (c)CGTN Japanese/AFPBB News