However in US dollar terms, it has dipped by 3 billion US dollars as compared to 2018 as overall global trade was moderated in 2019. Bilateral trade is projected to be about 92.68 billion dollars in 2019 while it was 95.7 billion US dollars in 2018, a record high till now. India’s Trade deficit with China also declined to about USD 56.77 billion in 2019 as compared to about 58 billion USD in 2018.
Vice Minister Zou Zhiwu of General Administration of Customs of China told Prasar Bharati Special Correspondent that China’s exports to India was 515.63 billion yuan (about USD 74.72 billion) in 2019, an increase of 2.1 % and China’s import from India was 123.89 billion yuan (about USD 17.95 billion), a decrease of 0.2%.
Responding to the question on large trade deficit of India, he said China welcomes more high quality products from India to big chinese market. Mr. Zou added that informal summit between Prime Minister Narendra Modi and President Xi Jinping last year created momentum for the growth of bilateral relations and bilateral trade will contribute to the growth of bilateral relations.
He said China believes that deepening economic and trade cooperation between the two countries will make our bilateral trade more healthy and balanced.