India-China trade declined by $3 billion last year while India's trade deficit continues to be high amounting to $56.77 billion as both sides experienced economic slowdown. Government figures showed the total trade in Chinese currency in RMB-Yuan terms saw a marginal rise of 1.6 per cent year on year but in dollar terms, it was down by about $3 billion.
General Administration of Customs of China (GACC) vice minister Zou Zhiwu, who released the annual trade figures to the media, said China-India bilateral trade totalled to 639.52 billion yuan (about $92.68) which is 1.6 per cent increase year on year.
China's exports to India increased by 2.1 per cent last year totalling to 515.63 billion yuan while India's imports to China decreased by 0.2 per cent totalling to 123.89 billion yuan, he said.
The trade deficit for India in 2019 was $391.74 billion yuan, he said. However, in dollar terms the trade has declined. The bilateral trade in 2018 totalled to $95.7 billion raising hopes of India-China trade touching the landmark $100 billion in 2019. But the total trade amounted to $92.68 billion last year about $three billion less than 2018, according to a news agency report.
The Chinese exports in dollar terms to India last year amounted to $74.72 billion compared to $76.87 in 2018. India's exports to China amounted to $17.95 billion against $18.83 billion last year.
In the face of slacking trade, the trade deficit also declined from $58.04 in 2018 to $56.77 billion.
The declining trade was largely attributed to the slowdown of the economies of the two countries.
According to the figures posted on the website of the Indian Embassy in Beijing, from January to November 2019, the total trade between the two neighbours in the 11 months last year was declined by 3.72 per cent amounting to $84.32 and the trade deficit for the 11 months stood at $51.68.
Fibre2Fashion News Desk (DS)