India, China trade surplus dwindles
India's trade surplus with China in 2005 has shrunk by more than half to $843.16 million.india Updated: Feb 14, 2006 11:47 IST
India's trade surplus with China in 2005 has shrunk by more than half to $843.16 million from an impressive $1.74 billion in 2004, latest Chinese customs figures indicated.
India-China bilateral trade during January-December 2005 set a new record at $18.71 billion, up 37.64 per cent over 2004 when it was $13.59 billion.
At this rate, the target of $20 billion in bilateral trade by 2008 set by the two governments would be achieved this year, two years in advance, diplomatic sources said.
In 2000, India-China bilateral trade was just three billion dollars while it touched five billion in 2002.
Indian exports to China last year grew by 27.47 per cent to $9.78 billion. In 2004, India's exports to China amounted to $7.67 billion, according to the General Administration of Customs of China.
India's imports from China witnessed rapid growth last year when $8.93 billion worth of goods were shipped from here, registering a 50.82 per cent hike. Chinese exports to India in 2004 amounted to $5.92 billion.
Thus, India's trade surplus shrunk to $843.16 million in 2005 compared to $1.74 billion in 2004.
China's total foreign trade volume hit a record $1.4 trillion in 2005, up 23.2 per cent over the previous year. Thus, the growth in India-China bilateral trade at 37.64 per cent was much higher than China's surging foreign trade globally at 23.2 per cent.
China's exports last year amounted to $762 billion, up 28.4 per cent year-on-year and import was $660.12, a rise of 17.6 per cent.
First Published: Feb 14, 2006 11:47 IST