Steep fall in India-China trade
Business

Steep fall in India-China trade

Pennews

The bilateral trade between India and China declined by about three billion dollars last year while India's trade deficit continues to be high amounting to 56.77 billion dollars as both countries experienced economic slowdown.

The trade figures released by the General Administration of Customs of China (GACC) on Tuesday projected the total trade in Chinese currency RMB-Yuan terms registered a marginal increase of 1.6 per cent year on year but in dollar terms it was down by about 3 billion dollars.

The GACC Vice Minister, Mr. Zou Zhiwu, who released the annual trade figures, said the China-India bilateral trade totalled to 639.52 billion yuan (about 92.68 dollars) which is 1.6 per cent increase year on year.

China's exports to India increased by 2.1 per cent last year totalling to 515.63 billion yuan while India's imports to China decreased by 0.2 per cent totalling to 123.89 billion yuan, he said.

The trade deficit for India in 2019 was 391.74 billion dollars, he said. However, in dollar terms the trade has declined. The bilateral trade in 2018 totalled to 95.7 billion dollars raising hopes of India-China trade touching the landmark 100 billion dollars in 2019. But the total trade amounted to 92.68 billion dollars last year about 3 billion dollars less than 2018.

The Chinese exports in dollar terms to India last year amounted to 74.72 billion dollars compared to 76.87 dollars in 2018. India's exports to China amounted to 17.95 billion dollars against 18.83 billion last year.

In the face of slacking trade, the trade deficit also declined from 58.04 dollars in 2018 to 56.77 billion.

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