India-China bilateral trade hits historic high of $84.44 billion in 2017

[INDIAPOSITIVE]

BEIJING: The India-China bilateral trade reached $84.44 billion last year, an historic high notwithstanding bilateral tensions over a host of issues including the Doklamstandoff.

A rare novelty of the bilateral trade otherwise dominated by the Chinese exportswas about 40 per cent increase of Indian exports to China in 2017 totalling to $16.34 billion, data of the Chinese General Administration of Customs accessed by PTI here showed.

The bilateral trade in 2017 rose by 18.63 per cent year-on-year to reach $84.44 billion. It is regarded as a landmark as the volume of bilateral trade for the first time touched $80 billion, well above the $71.18 billion registered last year.

The trade touched historic high despite bilateral tensions over a number of issues including the China-Pakistan Economic Corridor, China blocking India's efforts to bring about a UN ban on Jaish-e-Mohammad leader Masood Azhar, Beijing blocking India's entry into the Nuclear Suppliers Group (NSG) as well as the military standoff at Doklam lasting 73 days.

The bilateral trade stagnated around $70 billion for several years despite the leaders of both the countries setting $100 billion as target for 2015.

Though it is still about $20 billion short, officials on both sides expect trade and Chinese investments in India to pick up further this year as both the governments are trying to scale down tensions and step-up the normalisation process.

Prime Minister Narendra Modi is expected to visit China in June this year to take part in the Shanghai Cooperation Organisation (SCO) summit in Qingdao. Reciprocal visits by Chinese leaders too are expected to take place this year.

There were also expectations that the new commerce minister of China to be named later this week in government reshuffle was expected to visit India in the coming weeks for talks to improve bilateral trade.

While the bilateral trade reached a new landmark, the trade deficit too continues to remain high at $51.75 billion - registering a growth of 8.55 per cent year-on-year in 2017.

According to India's trade figures, the deficit had crossed $52 billion last year. India has been pressing China to open the IT and Pharmaceutical sectors for Indian firms to reduce the massive trade deficit.

As per the Chinese trade data, India's exports to China increased by 39.11 per cent year-on-year to $16.34 billion last year. India's imports from China increased by 14.59 per cent to $68.10 billion.

India has emerged as the seventh largest export destination for Chinese products, and the 24th largest exporter to China.

Significantly, diamonds along with copper, iron ore, organic chemicals and cotton yarn contributed to the increase Indian exports to China.

India's exports of diamonds grew 4.93 per cent totalling to $2.59 billion. India was the second largest exporter of diamonds to China with a market share of 33.06 per cent after South Africa.

Also, Indian exports of copper registered a significant increase of 115.78 per cent to reach $2.15 billion.

India's cotton including yarn and woven fabric exports to China showed an increase of 1.86 per cent to reach $1.30 billion. India was the second largest exporter of cotton to China with 15.04 per cent market share last year.

India's exports of Zinc to China showed a sharp increase of 802 per cent to reach $240 million.

China's exports on the other hand were dominated by electrical machinery and equipment registering an increase of 28.23 percent to $21.77 billion.


India was the largest destination for China's fertilizers exports registering 16.98 per cent of its total fertilizers worth $1.03 billion to India.

India was also the largest export destination for Chinese Antibiotics - with exports worth $783 million taking place in 2017.

Chinse exports were also led by organic chemicals, worth $6.56 billion in 2017.

https://timesofindia.indiatimes.com...4-44-billion-in-2017/articleshow/63202401.cms

 

[Dash]

Very positive news. I’m sure it will touch $100 billion in 2-3 years.

 

[protest]

We give $65 billion (more than CPEC worth) to China in trade every year, does anyone think it would fight India for Pakistan? It is different when they are fighting against each other.

Also you need to trade with big economy to become/sustain a big economy. China is pragmatic enouh to know this.

 

[yjdlbcj]

Any problem should go back to the negotiating table. Cooperation between countries is better than opposition. Asia is so big enough for the two big powers to develop. The people of Asia have experienced too much suffering, colonized and invaded... We should make us strong!

 

[neem456]

Any problem should go back to the negotiating table. Cooperation between countries is better than opposition. Asia is so big enough for the two big powers to develop. The people of Asia have experienced too much suffering, colonized and invaded... We should make us strong!

You talk sane and reasoned.
You are a odd man out in the lot.

 

[Theparadox]

As per the Chinese trade data, India's exports to China increased by 39.11 per cent year-on-year to $16.34 billion last year. India's imports from China increased by 14.59 per cent to $68.10 billion.

Well that's really good but more need to be done to reduce trade deficit.

 

[Hindustani78]

India has imposed new restrictions on trade , a government statement said on Wednesday, in line with UN Security Council sanctions slapped on the reclusive country for its nuclear and missile programmes.

New Delhi has been cutting back on trade but has maintained diplomatic links. It has given food aid in the past, but even that has been brought down to the minimum.

The new restrictions were mainly on “new or used vessels”, food and farm products, electrical equipment and wood, the government said in the statement.

Curbs have also been toughened on the export of industrial machinery, transportation vehicles, iron, steel and other metals.

Washington has been leading diplomatic efforts to ramp up international pressure . The US State Department said on Tuesday it had imposed the new sanctions.

Tensions had risen to the highest level in years over weapons programmes, which it pursues in defiance of UN Security Council resolutions, with bellicose rhetoric coming from both leader .

They has boasted of its plans to develop a nuclear-tipped missile capable of reaching the mainland. But fears of all-out war eased last month, coinciding with participation in the Winter Olympics in the South.

Seems “sincere” in its apparent willingness to halt nuclear tests if it holds denuclearisation talks said on Tuesday, as officials voiced scepticism.

 

[Jlaw]

What happened to boycott all Chinese products? Or is that just hot air coming from Indians.

 

[Beast]

We give $65 billion (more than CPEC worth) to China in trade every year, does anyone think it would fight India for Pakistan? It is different when they are fighting against each other.

Also you need to trade with big economy to become/sustain a big economy. China is pragmatic enouh to know this.

That amount is not even the top 5 of China export. And this question shall shoot back to Indian. It’s is worth trying to provoke and pick a fight with China?

Most of the goods Indian import are essential goods. Short of importing these less costly goods compare to western or japan will hurt india growth badly and lose competitive edge in cost of living and pricing. India has no alternative than import China goods.

 

[pothead]

That amount is not even the top 5 of China export.

Basically what you are saying is China is willing to get go of 5% of it's exports.
Wonder if your policy makers feel the same way.

Do you even understand the impact of loosing 5% of exports?
For China it literally means loosing millions of jobs.

 

[Cookie Monster]

We give $65 billion (more than CPEC worth) to China in trade every year, does anyone think it would fight India for Pakistan? It is different when they are fighting against each other.

Also you need to trade with big economy to become/sustain a big economy. China is pragmatic enouh to know this.

No one is expecting China to fight for Pakistan. It's ur general doing the randi rona that "we r ready to fight on two and a half fronts". Show me a statement from Pakistani generals saying China will fight besides Pak in case of war with India.

Sure China will keep milking u for every penny and yet still pursue its plans like CPEC no matter how much it pains u...

U r the sucker here giving China billions while they don't care about ur concerns of CPEC and oppose u everywhere.

As for u thinking that China will somehow spare India just bcuz of the trade balance in favor of China...lol dream on.

...if the time comes where India becomes a significant threat to China...then China will not care about all the billions it milks from India and will go all out.

 

[pothead]

Sure China will keep milking u for every penny and yet still pursue its plans like CPEC no matter how much it pains u...

Between Pakistan and India, China is milking only one country. No awards are needed for guessing whose titties are firmly in Chinese hands

 

[Beast]

Basically what you are saying is China is willing to get go of 5% of it's exports.
Wonder if your policy makers feel the same way.

Do you even understand the impact of loosing 5% of exports?
For China it literally means loosing millions of jobs.

I think u failed to grasp the idea. Did Indian buy Chinese goods becos of love or friendship? No. Why Indian buys Chinese goods becos Indian can’t make them or essentially your weak manufacturing can’t make them competitive. It’s more of you begging for the Chinese goods. If india shut yourself off from Chinese goods, India industries will go to a standstill as solar panel, heavy machinery like machine boiler, CNC will not be available. Can you afford 2-3 times the price of counterpart like Japan and Western Europe? If u can, you wouldn’t even buy Chinese goods in the first place. You import the most from China.

While you not even top trading partner of China. China lose 5 percent , China will suffer. India will not suffer a day but everyday. That is a reality u need to accept. It is China having bargaining chips.

It just like Indian military. Bragging abt the advantage of able to buy from many supplier but still end up with exorbitant cost and no improvement on domestic technology while military strength continue weaken as result of ingoing hagging over priced with various buyer.

China call the shot. If Indian can really boycott Chinese goods. It will have long done so.

Go ahead and I dare you.

 

[xyxmt]

We give $65 billion (more than CPEC worth) to China in trade every year, does anyone think it would fight India for Pakistan? It is different when they are fighting against each other.

Also you need to trade with big economy to become/sustain a big economy. China is pragmatic enouh to know this.

to fight India, Pakistan doesnt need anyone

 

[SBUS-CXK]

Boycott Chinese products?
Sorry, if there is no Chinese polysilicon, India photovoltaic industry can't even survive!