India and China surpassed the 60-billion dollar target for bilateral trade for 2010, ending a tense year in ties with a symbolic milestone. Bilateral trade hit 61.7 billion dollars last year with Chinese exports double the size of India's exports to China. Indian and Chinese officials say bilateral trade is now on course to achieve a 100-billion dollar target for 2015, but the statistics indicate mixed signals for trade relations. India's deficit in the unbalanced cross-border trade continues to grow. Long standing demands for Chinese market access for Indian agriculture, IT and pharmaceutical products remain unresolved in slow moving negotiations.
Indian exports to China in 2010 were worth 20.8 billion dollars, compared to Chinese exports worth 40.9 billion dollars. The trade deficit for India was about 20 billion dollars. Indian exports to China comprise mainly raw materials and commodities, including iron and cotton. Details were not available, but officials said iron ore exports had reduced and cotton exports increased. A decade ago, bilateral trade was worth 2.9 billion dollars, 20 times lower than the present figures.