India-China border trade rises by over 23% in 2013
Border trade between India and China have sharply risen by more than 23% in 2013, state media reported.world Updated: Dec 14, 2013 02:15 IST
Border trade between India and China have sharply risen by more than 23% in 2013, state media reported.
Quoting figures taken from custom officials on trade done through the Renqinggang market in southwest China's Yadong area in Tibetan Autonomous Region and Changgu in Sikkim, state media said trade volume reach 86.8 million Yuan (about $14.3 million), about 54 times that when the post reopened in 2006.
The Yadong customs was set up in May 1962, but was closed in October in the same year. China and India restarted border trade on July 6, 2006 through the Nathu La Pass, which sits 4,545 meters above sea level and is wedged between Yadong County of Tibet's Xigaze Prefecture and Sikkim.
Imports totaled 72.4 million Yuan while exports were a mere 14.5 million yuan, official statistics suggests.
But questions remain about how much in real terms has trade gone up between the two countries; or whether the rise in the value of trade is because of the sharp decline in the value of the Indian rupee this year.
Both the Chinese Yuan and the USD have gained considerably this year against the rupee.
Diplomatic sources said no quantity-wise break-up of the trade was yet available and so it was difficult to comment on how sharply trade had actually gone up.
If only trade volume goes up, sources added that only then one could say border trade was looking up. Also, the base figure for measuring the increase was low.
Sources said the statistics so far have only come from the Chinese side; the Indian customs or the department of commerce have not yet released the trade figures conducted through the inhospitable border trade point in Nathu La.
According to reports, India allows the export of only 29 items and around 15 Chinese items are allowed in.