CURRENT AFFAIRS

Detailed explanation-1: -In 2021, the overall trade with China totaled USD 125.62 billion, an increase of 43.32 per cent year on year crossing the $ 100 billion mark for the first time. The trade deficit in 2021 stood at USD 69.56 billion as India’s imports from China witnessed an increase of 46.14 per cent to reach USD 97.59 billion.

Detailed explanation-2: -In 2021, annual two-way trade crossed $100 billion for the first time, reaching $125.6 billion, with India’s imports accounting for $97.5 billion, pegging the imbalance at close to $70 billion.

Detailed explanation-3: -New Delhi: He said that the merchandise exports from India to China have increased from $11.93 billion in 2014-15 to $21.26 billion in 2021-22, showing an increase of 78.2 per cent over the last six years. Imports from China, on the other hand, have increased from $60.41 billion in 2014-15 to $94.57 billion in 2021-22.

Detailed explanation-4: -The International Monetary Fund (IMF) is forecasting a rebound of 5.7% in the volume of exports of goods and services of this country in 2022, after an increase of 4% in 2020; and an increase of only 3.2% of its imports in 2022 after a jump of 10.9% in 2021 and 0% in 2020 (IMF Country Report, 2021).

Detailed explanation-5: -India’s total trade with China was $125.7 billion in the 2021. The sharp uptick in imports has pushed India’s trade deficit with China to $69.4 billion in 2021, up from $45.9 billion in 2020 and $56.8 billion in 2019.