According to data of Chinese General Administration of Customs, India-China bilateral trade has reached $84.44 billion last year, a historic high with 18.63% year-on-year growth rate.
This is regarded as historic landmark in bilateral relations of both countries, as volume of bilateral trade for first time has touched $80 billion, well above the $71.18 billion registered in 2016.
A rare novelty of the bilateral trade otherwise dominated by the Chinese exports was about 40 per cent increase of Indian exports to China in 2017 totalling to USD 16.34 billion, data of the Chinese language General Administration of Customs accessed by PTI here showed.
The bilateral trade in 2017 rose by 18.63 % year-on-year to reach USD 84.44 billion. It is regarded as a landmark as the volume of bilateral trade for the first time touched USD 80 billion, well above the USD 71.18 billion registered last year.
The trade touched historic high despite bilateral tensions over a number of issues including the China-Pakistan Economic Corridor, China preventing India’s efforts to bring about an UN ban on Jaish-e-Muhammad leader Masood Azhar, Beijing blocking India’s entry into the Nuclear Suppliers Group (NSG) as well as the longest armed forces standoff at Doklam long lasting 73 days.
Indo -China Bilateral Trade
The bilateral trade stagnated around USD 70 billion for several years despite the leaders of both the countries setting USD 100 billion as target for 2015.
Though it is still about USD 20 billion short, officials on both sides expect trade and Chinese investments in India to pick up further this year as both governments are trying to scale down tensions and step-up the normalisation process.
Prime Minister Narendra Modi is expected to visit China in June this season to take part in the Shanghai Co-operation Organisation (SCO) summit in Qingdao. Reciprocal appointments by Chinese leaders too were likely to take place this year.
There were also expectations that the new Commerce Minister of China to be named later this week in government reshuffle was expected to visit India in the coming weeks for talks to improve bilateral trade.
While the bilateral trade reached a new landmark, the trade deficit too continues to remain high at USD 51.75 billion- registering a growth of 8.55 per cent year-on-year in 2017.
Regarding to India’s trade figures, the deficit had crossed USD 52 billion this past year. India has been pressing China to open the IT and Pharmaceutical areas for Indian firms to reduce the massive trade deficit.
As per the Chinese language trade data, India’s exports to China increased by 39.11 % year-on-year to USD 16.34 billion last year. India’s imports from China increased by 14.59 per cent to USD 68.10 billion.
The India-China bilateral trade has reached $84.44 billion this past year, a historic high, notwithstanding bilateral tensions over a host of issues, like the Doklam standoff.
‘40% rise in exports’
A rare novelty of the bilateral trade, in any other case dominated by the Chinese exports, was about 40% increase of Indian exports to China in 2017 totalling to $16.34 billion, data of the Chinese language General Administration of Traditions were accessed .
The bilateral trade in 2017 rose by 18.63% year-on-year to attain $84.44 billion. This is seen as a landmark, as the quantity of bilateral trade for the very first time handled $80 billion, well above the $71.18 billion registered last year.
Indo China Relationships
China-India relations, also called Sino-Indian relations or Indo-China relationships, refers to the bilateral relationship between the People’s Republic of China (PRC) and the Republic of India. Although the relationship has been friendly, there are some border disputes and a very high economic competition between your two countries.
Currently, the two countries are cooperating on a range of international like trade, climate change and reform of the global financial order, among others, to promote common interest”.China is India’s largest trading partner.
Chinese imports from India amounted to $16.4 billion or 0.8% of its overall imports, and 4.2% of India’s overall exports in 2014.Chinese exports to India amounted to $58.4 billion or 2.3% of its overall exports, and 12.6% of India’s overall imports in 2014.