India is China's 10th largest trading partner
China is expected to enjoy a huge trade surplus of at least $4 billion with India last year.india Updated: Jan 28, 2007 14:26 IST
India has for the first time emerged as the 10th largest trading partner of China in 2006, according to latest Chinese foreign trade statistics.
While the European Union retained the status of China's top trading partner, bilateral trade between China and India hit an all-time record at $24.9 billion last year, exceeding the $20 billion goal two years ahead of target.
Detailed figures are yet to be released.
China's total bilateral trade with the EU rose to 25.3 per cent to hit $272.3 billion.
China is expected to enjoy a huge trade surplus of at least $4 billion with India last year. The year 2006 will be the first time in bilateral trade when China will have a trade surplus with India, emphasising that fact that India needs to diversify its exports to China.
Currently, China's main exports to India are mobile phones, antibiotics, coal, coke, textile machinery and spare parts. China's major imports from India are iron ore and concentrate, steel products, primary plastics, alumina and diamond.
India-China bilateral trade during January-December 2005 amounted to $18.71 billion, up 37.64 per cent over 2004 when it was $13.59 billion.
Bilateral trade has soared from $2.91 billion in 2000 to $18.7 billion in 2005, an average annual rise of 45 per cent, officials from the Chinese Ministry of Commerce said.