Increase in Exports to China Fuels Growth for Principal Commodities in 2023: Comm Min Report

The commerce ministry data shows that 90 principal commodities exported to China from India experienced positive growth in 2023. These goods make up 67.7% of India's export basket to China, with notable increases in iron ore, cotton yarn, spices, and processed minerals. While some products saw exports rise by over USD 100 million, others showed improvement in the USD 10 - 100 billion range. Notably, exports of telecom instruments and electronic components to China increased by 46.45% and 6.75% respectively. Overall, Indian exports to China have remained strong despite a decline in China's imports.

As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data.

These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed.

There are four commodities level where India has improved its export to China by more than USD 100 million in 2023. They are iron ore (216.8 per cent to USD 3.33 billion in 2023), cotton yarn (542.6 per cent to USD 611.17 million in 2023), spices (19.4 per cent to USD 132.26 million in 2023), and processed minerals (174.19 per cent to USD 129 million in 2023).

For another fifteen products, the improvement in exports is in the bracket of USD 10 -100 billion.

These goods include marine products, iron and steel, telecom instruments, vegetable oils, agrochemicals, paper, paper board, drug formulations, biologicals, AC, refrigeration machinery, paint, bulk minerals and ores, and processed vegetables.

India's exports of telecom instruments and electronic components to China rose by 46.45 per cent and 6.75 per cent to USD 247.54 million and USD 156.55 million, respectively, in 2023, the data showed.

''Indian goods have recorded strong exports to China in 2023 in spite of a significant decline in China's imports,'' an official said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)