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South Asia

Feb 9, 2005

India-China bilateral trade reaches all-time high

BEIJING - India-China bilateral trade has set a new record with total trade touching US$13.6 billion in 2004 and India enjoying a comfortable trade surplus of $1.75 billion, the latest Chinese customs statistics indicate.

India-China annual trade for 2004 increased 79% over the total trade volume of 2003, the customs figures showed.

The total trade figure achieved during 2004 was $3.6 billion more than expected at the beginning of the year, indicating the huge potential that exists between the two fastest growing economies, analysts said.

During the January-December period of 2004, Indian exports to China grew by 80.5% to reach $7.68 billion. Meanwhile, India's imports from China registered 77.2% year-on-year growth to hit $5.93 billion.

The trade balance for the year stood in India's favor at $1.75 billion.

The monthly trade volume recorded a yearly high of $1.44 billion, surpassing November's high of $1.32 billion. Indian exports to China in December touched $744 million and imports for the month reached $697 million.

There has been no significant change in the composition of the bilateral trade basket. Indian exports to China are dominated by iron ore.

(Asia Pulse/PTI)

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