BEIJING: The India-China trade is showing strong resilience, the Chinese Commerce Ministry said on Thursday as the bilateral trade in goods in the first quarter of this year touched USD 27.7 billion, a year-on-year increase of 42.8 percent.
Chinese analysts say the trade between the two countries is growing despite the downturn in the relations between the two countries due to the border conflict at eastern Ladakh since May last year.
In 2020, the trade volume between China and India reached USD 87.6 billion, which demonstrates the strong resilience of the trade cooperation between the two countries, Gao Feng, the spokesperson for the Commerce Ministry (MOFCOM), said at a press conference, according to state-run Global Times.
He added that the two major emerging economies are highly complementary and have a great potential for more cooperation.
The resilience reflects that the two countries are able to complement each other in certain industries such as raw materials for light industrial products, automobile parts, and medicine production, Dai Yonghong, a professor of the Institute of South Asia Studies at Sichuan University, told the tabloid.
Official data showed that India imported USD 58.7 billion worth of goods from China in 2020, the report said.
The bilateral trade in goods between China and India in the first quarter of 2021 grew with the total trade volume reaching USD 27.7 billion, a year-on-year increase of 42.8 per cent, according to data released by the General Administration of Customs of China earlier this month.