By: Asia Business Outlook Team | Tuesday, 09 November 2021
Despite a tense military stand-off, Sino-Indian trade crossed the $100 billion mark in October as compared with the same period last year, as per the data released by China's General Administration of Customs (GAC) on Sunday.
Registering an increase of 22.2 per cent, the GAC data showed overall trade volume between India
and China was $ 102.29 billion, with the balance of trade heavily tilted in favour of Beijing.
China’s exports were at $ 78.33 billion and India’s exports to China at $ 23.96 billion.
Based on nine months of data from January to October when total trade had touched $ 90, the breaching of the $ 100 billion-mark was a foregone conclusion.
While the two countries are ranged against each other on security issues, their economies have been showing complementarities as China heads for the number one position in GDP and India for the third slot, with the US in-between.
By 2030, China will develop the world’s largest economy and India will become the world’s third largest economy by 2050. Presently, China is the world’s second largest economy and India the fifth largest.