Sino-India trade imbalance growing
Despite the India-China bilateral trade growing at nearly 50 per cent this year, the surging trade deficit is all set to top the record figure of $4.11 billion in 2006.
By PTI |
BEIJING: Despite the India-China bilateral trade growing at nearly 50 per cent this year, the surging trade deficit is all set to top the record figure of $4.11 billion in 2006.
The growing trade imbalance in India-China bilateral trade has caused concern among Indian officials who are highlighting the need for the Indian industry to diversify the country's trade basket with the Communist trading giant, whose total foreign trade has touched a record $1.17 trillion, up 24.4 per cent, in the first seven months of 2007.
India-China bilateral trade in January-June zoomed to $17.20 billion, achieving an impressive growth of 47.97 per cent over the same period last year, latest Chinese customs figures said.
If the current momentum of USD two billion of bilateral trade per month continues, the targeted trade figure of 20 billion US dollars by 2008 will be achieved a year earlier than expected.
Indian exports to China touched $6.9 billion during January-June, up 29.29 per cent over the corresponding period in 2006.
At the same time, Chinese exports to India soared by an impressive 64.07 per cent to touch $10.24 billion during the first six months of the year compared to the same period in 2006.
India suffered a trade deficit of $3.34 billion during the first six months, compared to $1.09 billion in the first quarter of 2007, signalling that the deficit is set to reach a new record in 2007.
The growing trade imbalance in India-China bilateral trade has caused concern among Indian officials who are highlighting the need for the Indian industry to diversify the country's trade basket with the Communist trading giant, whose total foreign trade has touched a record $1.17 trillion, up 24.4 per cent, in the first seven months of 2007.
India-China bilateral trade in January-June zoomed to $17.20 billion, achieving an impressive growth of 47.97 per cent over the same period last year, latest Chinese customs figures said.
If the current momentum of USD two billion of bilateral trade per month continues, the targeted trade figure of 20 billion US dollars by 2008 will be achieved a year earlier than expected.
Indian exports to China touched $6.9 billion during January-June, up 29.29 per cent over the corresponding period in 2006.
At the same time, Chinese exports to India soared by an impressive 64.07 per cent to touch $10.24 billion during the first six months of the year compared to the same period in 2006.
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India suffered a trade deficit of $3.34 billion during the first six months, compared to $1.09 billion in the first quarter of 2007, signalling that the deficit is set to reach a new record in 2007.
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