labels: industry - general, economy - general
Sino-Indian trade touches record levelsnews
Our Economy Bureau
06 December 2004

Mumbai: Total bilateral trade between China and India reached record levels in the first nine months of 2004. According to Yuan Nansheng, Consul General of China, the total bilateral trade volume between India and China reached a record level of $10 billion (around Rs45,000 crore) during the first nine months of 2004, up by 83.8 per cent against the same period last year.

India exported goods and services worth $5.8 billion to China while its imports from China were worth around $4 billion during the nine months under review, Nansheng told reporters at the 2004 South China 'commodities (Mumbai, India) exhibition'. This puts the trade the two countries in favour of India by nearly $1.8 billion. The bilateral trade between the two countries in the corresponding period the previous year $7.6 billion.

India exports iron ore, plastic and linoleum, marine products, cotton yarn and fabrics, organic and inorganic chemicals, aluminium and pharma products to China and imports organic chemicals, coal and briquette, medicine and pharma products, textile yarn, non-ferrous metals and projects goods.

According to Nansheng, a joint study group consisting of officials and economists of both countries has been formed to examine the potential complementarities in expanding trade and economic ties and explore the feasibility of setting up an India-China free trade area.

As part of initiatives to strengthen trade between the two countries, a South China 'commodities (Mumbai) exhibition 2004, with companies from the entire South China region, has been organised by the China 'council for promotion of international trade' and co-organised by Hunan provincial department of commerce. Worldex GEC (India) has been appointed to manage this event.

A trade seminar on "How to develop India-China trade" will be held on December 10, at Mumbai on issues related to industry, market trends, product development among others.



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Sino-Indian trade touches record levels