After posting impressive growth in the past few years, India-China bilateral trade declined by 10.1 per cent to USD 66.47 billion last year.
According to the figures released by the Chinese Commerce Ministry, India’s trade deficit mounted to USD 28.87 billion due to steady decline of export of iron ore.
The deficit grew by USD 1.79 billion compared to 2011, it showed.
The bilateral trade touched USD $61 billion. The HIndu reported that “India’s exports in 2012, comprised largely of ores, cotton, chemicals and raw materials, reached $18.8 billion, while imports from China — driven by growing demand for power and telecom equipment and machinery — reached $47.7 billion. Bilateral trade last year reached $66.47 billion, down from $73.9 billion in 2011 when China became India’s biggest trade partner.”
with inputs from PTI