India-China trade touches record $7.6bn

India-china bilateral trade has touched an all-time high of $7.598 billion in 2003, up 53.6 per cent over the previous year.While India&#146...

India-china bilateral trade has touched an all-time high of $7.598 billion in 2003, up 53.6 per cent over the previous year.

While India’s exports to China rose sharply at 86.9 per cent to $4.253 billion, the country’s imports from China increased by a modest 25.1 per cent to $3.345 billion in 2003, according to the latest customs statistics. India enjoyed a favourable trade balance of $908 million.

India’s exports to China in 2003 continued to be dominated by the export of primary products. The items included ores, ash and slag, iron and steel, plastics, precious stones and metals. India’s imports from China included electrical machinery, organic chemicals, machinery, silk and mineral fuel.

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Official sources said the bilateral trade figures achieved last year were better than expected, as most analysts had predicted that the volume would reach $7 billion.

They also noted that the volume of bilateral trade has increased in each of the last 11 years. Trade volume increased from a low base of $338.5 million in 1992 to $4.95 billion in 2002.

From 2000 onwards, trade volume has increased dramatically, both in terms of total volume and rate of growth, indicating the potential of the huge untapped markets in both countries.

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