Remember the fears of being swamped by cheap Chinese goods? The latest numbers reveal something very much to the contrary.
Not only did Indian exports to China beat imports, the growth rate of exports was higher too.
Trade volume between China and India is expected to reach $10 billion by the end of this year, compared with last year’s $7.6 billion, academics and experts attending the fourth meeting of the India-China Eminent Persons’ Group (EPG) in Mumbai said.
Total volume of bilateral trade between India and China reached an all-time high of $7.598 billion in 2003, representing an impressive growth of 53.6 per cent over 2002.
While India’s imports from China rose by 25.1 per cent in 2003, growth of India’s exports to China was higher at 86.9 per cent for the same period.
At the end of 2003, India’s exports to China stood at $4.253 billion, while her imports from China was worth $3.345 billion.[Hindustan Times]