The amount reached in the economic exchange between the two most populous countries on Earth erased the preceding peak of 125 billion dollars set in 2021, for a growth of 8.4 percent, the annual Chinese customs data reported.
The rise in trade boosted a surge in India’s imports of goods from the neighboring country, which grew by 21.7 percent last year.
Purchases to China reached a record level of 118.5 billion dollars in 2022, while India’s trade deficit surpassed 100 billion dollars for the first time.
India’s exports to China fell 37.9 percent over 2021, dropping to 17.48 billion dollars.
In 2021, India’s trade imbalance with China was 69.38 billion dollars.