India-China bilateral trade declines! Dips by nearly $3 billion in 2019
The bilateral trade between India and China declined by about USD three billion last year while India’s trade deficit continues to be high amounting to USD 56.77 billion as both countries experienced economic slowdown.
The trade figures released by the General Administration of Customs of China (GACC) on Tuesday projected the total trade in Chinese currency RMB-Yuan terms registered a marginal increase of 1.6 per cent year on year but in dollar terms it was down by about USD three billion.
GACC Vice Minister Zou Zhiwu, who released the annual trade figures to the media, said China-India bilateral trade totalled to 639.52 billion yuan (about USD 92.68) which is 1.6 per cent increase year on year.
China’s exports to India increased by 2.1 per cent last year totalling to 515.63 billion yuan while India’s imports to China decreased by 0.2 per cent totalling to 123.89 billion yuan, he said. The trade deficit for India in 2019 was USD 391.74 billion yuan, he said. However, in dollar terms the trade has declined. The bilateral trade in 2018 totalled to USD 95.7 billion raising hopes of India-China trade touching the landmark USD 100 billion in 2019. But the total trade amounted to USD 92.68 billion last year about USD three billion less than 2018.