Latest statistics from Ministry of Commerce (MOFCOM) Department of Asian Affairs on July 14 indicates that in January through May, the bilateral trade between China and India amounted to US $7.71 billion, up 41.4 percent on a year-on-year basis. Of which China's exports to India were $3.09 billion and imports $4.62 billion, up by 65 percent and 29 percent respectively.
India has replaced Canada as the tenth trading partner of China, and 10 percent higher than the bilateral trade between China and Canada in the same period.
Xu Changwen, Director of Center for East Asian and Pacific Studies of Chinese Academy of International Trade and Economic Cooperation of MOFCOM, said when receiving the interview that the growth rate of China-India Bilateral Trade was rare in the history of China's foreign trade.
According to Mr. Xu Changwen, bilateral trade between China and India in 2003 reached $7.6 billion with a year-on-year increase of 53.6 percent, and in 2004 $13.6 billion, up by 79.1 percent, accounting for 70 percent of total trade between China and ASEAN countries, of which the export growth rate was 77.3 percent and import one 80.6 percent. Trade deficit of China to India occurred, making India the only one in ASEAN countries.
Xu Changwen said that China and India were strongly complementary in trade and economy. India mainly imported resources like coal from China, besides, textile products and garments, electronic products and other industrial finished products were imported, on the other hand, China imported iron ore and cotton from India.
