India-China trade on course to touch record $100 billion-mark


BEIJING: India-China trade volume appears poised to cross the record high of $ 100 billion this year, as the total has already reached $ 90 billion in the first nine months, despite a cooling in the bilateral relations due to the continuous military confrontation between the two countries. in eastern Ladakh.
China’s total imports and exports expanded 22.7 percent year-on-year to 28.33 trillion yuan (about $ 4.38 trillion) in the first three quarters of 2021, official data showed on Wednesday.
The figure marked a 23.4 percent increase from the pre-epidemic level in 2019, according to the General Administration of Customs.
Two-way trade between India and China amounted to $ 90.37 billion at the end of September, an increase of 49.3 percent year-on-year (year-on-year), according to nine-month data released by Chinese customs.
China’s exports to India rose to $ 68.46 billion, up 51.7 percent year-on-year, apparently helped by massive imports of urgent supplies, such as oxygen concentrators, as India was in the grip of the second wave of the COVID-19 pandemic. 19 in April and May of this year. .
Indian exports totaled $ 21.91 billion, registering a notable increase of 42.5 percent.
However, from India’s point of view, the trade deficit, which remained a concern over the years, reached $ 46.55 billion and is expected to increase further by the end of the year.
Observers say that with three months to go, the $ 100 billion trade target previously set by both countries was expected this year despite stagnation in eastern Ladakh.

Source link


Please enter your comment!
Please enter your name here