FY25 imports from China may cross record $101 bn

India's goods imports from China are likely to surpass $100 billion in February itself, and in FY25 total imports from the country could exceed the record $101.73 billion achieved in financial year 2023-24, officials familiar with provisional government data said.

- Rajeev Jayaswal

NEW DELHI:

After factoring in double-digit growth in Chinese imports and expected shipments through March 2025, the total imports from China are projected to set a new record. Cumulative Chinese imports in the first 10 months of the current financial year (April 2024-January 2025) have already touched $95.01 billion compared to $85.91 billion in the same period last year, posting a 10.6% growth. Imports surged in January to $10.48 billion, showing over 17% year-on-year growth.

The Indo-China trade balance continues to tilt in favour of Beijing as Chinese imports grow while India's exports contract, leading to a widening trade deficit. The deficit occurs because India imports more from China than it exports to the neighbouring country.