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India and China trade declining

Staff writer ▼ | July 2, 2013
The India-China trade deficit increased by 34 percent to $12 billion in the first five months of the year as bilateral trade continued to decline.
India China trade
India China tradeThe India-China trade deficit increased by 34 percent to $12 billion in the first five months of the year as bilateral trade continued to decline.


Plans to achieve a trade volume of $100 billion by 2015 are now in danger. The India-China bilateral trade touched %26.5 billion till May 2013, according to Chinese customs.

The trade deficit for India is increasing eery year and the trade volume was lowered by over $2 billion compared to last year. Bilateral trade fell to $66.7 billion last year from $74 billion in 2012. The trade deficit was $30 billion last year.

While the Chinese exports registered marginal increase, the bilateral trade numbers are falling. India's main items of exports like cotton, iron ore and copper have continued the downward slide. Iron ore declined by 76 percent to $595.42 million, cotton and copper declined year-on-year by 40 percent to $1.39 billion and 24 percent to $688.53 million respectively.

India's overall share in Chinese exports has dropped to under 1 percent from 1.33 percent, the data showed. Cotton yarn is a bright spot showing an increase of 115 percent to $740 million and diamonds have increased 14 percent to record $562.1 million.


 

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