BEIJING: China’s trade with South Asian nations including India has touched a whopping USD 100 billion even as the deficit in trade between the two countries neared $ 9 billion in the first four months of this year.
Trade volume between China and South Asian nations jumped from $ 35 billion in 2006 to about $ 100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more, state-run Xinhua news agency reported.
The India-China trade topped much of the $ 100 billion as the bilateral trade totalled $ 65.47 billion in 2013 with trade deficit mounting to $ 31.42 billion.
Indian officials said the trade deficit averaged about $ 35 billion in the last three years.
According to latest figures from China’s customs, the total volume of the trade from January to April this year amounted to $ 21.98 billion. India’s exports totalled $ 6.57 billion while the imports amounted to $ 15.41 billion — a deficit of $ 8.84 billion.
The huge trade deficit figured high on today’s talks between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi in New Delhi. Wang arrived in India on a two-day visit to establish first contacts with the government of Prime Minister Narendra Modi.
The two leaders discussed ways to increase Chinese investments in India through setting up industrial parks and infrastructure projects. They also discussed ways to address India’s concern of huge trade deficit of nearly $ 40 billion.
India also seeks access for Indian IT and Pharmaceutical companies into Chinese market and wants Beijing to ramp up its investments in the country from the present $ 900 million.