After posting impressive growth in the past few years, India-China bilateral trade declined by 10.1 per cent to $66.47 billion last year. According to the figures released by the Chinese Commerce Ministry, India's trade deficit mounted to $28.87 billion due to steady decline of export of iron ore.
The deficit grew by $1.79 billion compared to 2011, it showed. The bilateral trade touched $61.74 billion in 2010 posting a high growth at 42.66 per cent followed by 19.71 per cent in 2011 with $73.9 billion.
This is the first time in recent years that the bilateral trade registered negative growth, which according to officials was in consistent with the decline in global trade. Indian exports to China declined by 19.6 per cent to $ 18.8 billion last year compared $23.41 billion in 2011 and $20.86 billion in 2010.Significantly China's exports to India, which in the past had a high volume of growth, declined by 5.7 per cent to $47.67 billion, the data showed. China's exports touched $50.49 billion in 2011 from 40.88 billion in 2010. While the two countries were confident that the trade volumes would pick up, there is a great deal of scepticism about Indian exports making much headway as China has not opened up much on IT, and Pharmaceuticals fronts despite high voltage campaigns by India.
Top Chinese leaders also have been openly acknowledging that the high trade Indian deficit is a matter of concern for bilateral trade, that is aimed at reaching the $100 billion target in 2015.
The deficit grew by $1.79 billion compared to 2011, it showed. The bilateral trade touched $61.74 billion in 2010 posting a high growth at 42.66 per cent followed by 19.71 per cent in 2011 with $73.9 billion.
This is the first time in recent years that the bilateral trade registered negative growth, which according to officials was in consistent with the decline in global trade. Indian exports to China declined by 19.6 per cent to $ 18.8 billion last year compared $23.41 billion in 2011 and $20.86 billion in 2010.Significantly China's exports to India, which in the past had a high volume of growth, declined by 5.7 per cent to $47.67 billion, the data showed. China's exports touched $50.49 billion in 2011 from 40.88 billion in 2010. While the two countries were confident that the trade volumes would pick up, there is a great deal of scepticism about Indian exports making much headway as China has not opened up much on IT, and Pharmaceuticals fronts despite high voltage campaigns by India.
Top Chinese leaders also have been openly acknowledging that the high trade Indian deficit is a matter of concern for bilateral trade, that is aimed at reaching the $100 billion target in 2015.