Electronics components have emerged as the fastest growing exports from India to China in this financial year helping overall shipments to rise by as much as 90% on year in November to $ 2.2 billion, according to an analysis by Global Trade Research Initiative (GTRI),
In October for which the disaggregated data is available, printed circuit board (PCB) exports leapt to $256.5 million —an 8,577% year-on-year rise. In April–October shipments of PCB were up over 2,000% to $418 million.
Mobile phone component exports also rose 82% in April-October to $362 million, an unusual
trend given India’s large imports of these items from China. The efforts by the government to push for local manufacturing of electronics is gradually yielding results. Electronics remains the fastest growing item in India’s export basket.
PCB and Mobile Component Boom
Naphtha is the biggest contributor, with exports up 512% in October and 172% over April–October to $1.4 billion, reflecting strong Chinese demand for petrochemical feedstocks.
In contrast, iron ore exports continued to fall, down 1.2% in October and 30% over
April–October, while shrimp exports posted only modest growth.
India’s exports of its top three products to China—naphtha, iron ore and shrimps—show sharp year-to-year swings, underscoring that they are driven more by Chinese demand than by any stable export strategy, GTRI said.
PCB and Mobile Component Boom
India’s trade with China remains highly imbalanced, with weak exports, rising imports and a
record trade deficit expected in 2025. In 2025, exports are estimated to improve to $17.5
Billion from $15.1 billion in 2024. Imports have climbed much faster. It is expected to touch $ 123.5 billion from $ 109.6 billion in 2024. This has pushed India’s trade deficit with China to $106 billion in 2025 from $94.5 billion in 2024.
Chinese data shows an even wider gap, putting India’s 2025 exports at $19.1 billion, imports at $134.3 billion and the deficit at $115.2 billion, highlighting the deepening imbalance in bilateral trade, GTRI said.
For full-year 2025, China’s data implies Indian exports of $19.1 billion and imports of $134.3 billion, while India’s data shows $17.5 billion of exports and $123.5 billion of imports. Normally, import values are higher than export values because imports include freight and insurance (CIF), while exports are recorded on an Free On Board (FOB) basis.
On that logic, India reporting lower imports from China than China reports as exports is unusual, and may point to under-invoicing of imports to reduce customs duties—an issue that warrants investigation, it said.
