Trade between India and China grew by 34 per cent in 2008 according to China's General Administration of Customs, a rate of increase was down from the 55.5 per cent growth recorded in 2007 over 2006. The value of trade was $51.78 billion last year and reports suggest that the balance of trade has swung significantly in favour of China.
China's trade growth slowed with most countries across the globe including in 2008 after nearly four years of high-speed growth.
Almost half of India's exports to China is in iron ore, the price of which fell sharply last year.
The European Union remained China's biggest trade partner with bilateral trade worth $425.58 billion, a rise of 19.5 per cent.
Bilateral trade with the US came to $ 333.74 billion, a growth of 10.5 percent - the smallest increase since China joined the World Trade Organization seven years ago. China's trade surplus with the United States rose 4.6 per cent to $170.86 billion and accounted for 57.8 per cent of China's total trade surplus in 2008.
Japan remained China's third-largest trade partner with bilateral trade volume rising 13 per cent to $266.78 billion.
No comments:
Post a Comment