Organic Chemicals (HS-29) has emerged as India’s top export to China with a share of 19.4 per cent of the overall export. Mineral fuels at 19.3 per cent and Cotton at 10 per cent are the other top Indian exports to China rounding up the top three export products to the country. Conversely Organic Chemicals (12 per cent) is also one of India’s top three imports from China along with Electrical equipment and Mechanical appliances with overall import share of 30 per cent and 19 per cent respectively. The figures are for April-January 2018-2019 period shared by PHD Chamber of Commerce and Industry.
India's exports to China grew by 31% from USD 10 billion in April-January 2018 to USD 14 billion in April-January 2019. Meanwhile imports from China shrunk from 24% growth during April to January 2018 to (-) 5% during April-January 2019. India's trade deficit with China has eased from USD 53 billion in April-January 2018 to USD 46 billion in April-January 2019. India's 3rd largest export destination and largest source of imports, trade between the India and China has grown from USD 3 billion in 2001-02 to around USD 90 billion in 2017-18.
According to Dr Mahesh Y Reddy, Secretary General, PHD Chamber of Commerce and Industry, “The intra-industry trade relationship between India and China has expanded consistently over the years. Around 53% of the trade between India and China is in the form of intra-industry, or similar products. This share has increase from 28% in 2007 to 53% in the recent years.”