Beijing: Tension in the relations between India and China increased after the violent clashes in Galvan Valley last year, but it has not affected the trade of both the countries at all. Perhaps the biggest reason for this is the corona virus, but if we look at the figures, the trade between India and China in the first five months of this year has increased by 70 percent compared to last year. Although these figures have been presented by China, but if we look at the Indian figures, the trade in both the countries has increased by 55.83 percent.
Calling it a “spectacular growth”, Chinese state media interpreted the increase in bilateral trade as a sign of resilience in trade ties between the two nations despite conflict at the border and political differences.
“Trade between China and India soared 70.1% in US dollar terms in the first five months of this year to $48.16 billion, according to Chinese customs data released on Monday. Specifically, Chinese exports to India grew 64.1% year-on-year from January to May, while imports surged 90.2%,” the tabloid Global Times reported.
At the same time, according to India’s data, there has been an increase of 59.13 percent in imports from China and now it has reached $ 33.49 billion or Rs 2441.42 billion. At the same time, exports to China have also increased by 46.09 percent and now it has reached $ 10.41 billion i.e. Rs 758.89 billion.
The latest statistics were released by China’s General Administration of Customs (GAC) on Monday. As per data available in China, the rise in trade, specifically Chinese exports to India, rose sharply between April and May.
The rise could be attributed to the increase of exports of Chinese medical goods and equipment by Indian companies to fight a surge in Covid-19 cases over the last couple of months.
Trade between India and China had decreased by 9.1 percent in the last year i.e. 2020. However, China was still India’s largest trading partner country. In India, April to March is considered as the financial year and according to government data, between 2020-21, India’s exports to China have increased by 27.53 percent while Chinese imports have seen a decrease of 0.07 percent. The total trade between India and China stood at $86.4 billion in this financial year.