India-China trade volume is set to cross a record USD 100 billion mark this year as bilateral ties have cooled due to the ongoing military standoff between the two countries, reaching a total of USD 90 billion in the first nine months. has gone. in eastern Ladakh.
Official data shows that China’s total imports and exports grew by 22.7 percent annually to 28.33 trillion yuan (about USD 4.38 trillion) in the first three quarters of 2021. According to the General Administration of Customs, this figure represents an increase of 23.4 percent from pre-pandemic levels in 2019.
According to the nine-month data released by Chinese Customs, bilateral trade between India and China totaled US$ 90.37 billion at the end of September, a year-on-year (YoY) growth of 49.3 per cent.
China’s exports to India reached US$68.46 billion, an increase of 51.7 per cent, apparently aided by massive imports of immediate supplies such as oxygen concentrators, when India contracted COVID-19 in April and May. was in the grip of a second wave of the-19 pandemic. Year. Indian exports totaled US$ 21.91 billion, registering a significant growth of 42.5 per cent.
However, from India’s point of view, the trade deficit, which has been a concern for years, has reached USD 46.55 billion and is expected to climb further by the end of the year. With three months still left, observers say, the USD 100 billion trade target set earlier by the two countries was expected to be achieved this year despite the eastern Ladakh standoff.
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