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India-China trade declines by over 10% in 2012

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Beijing: After posting impressive growth in the past few years, India-China bilateral trade declined by 10.1 percent to $66.47 billion last year.

According to the figures released by the Chinese Commerce Ministry, India’s trade deficit mounted to $ 28.87 billion due to steady decline of  export of iron ore.

The deficit grew by $1.79 billion compared to 2011, it showed.

The bilateral trade touched   $ 61.74 billion in 2010 posting a high growth at 42.66 percent followed by 19.71 percent in 2011 with $73.9 billion.

This is the first time in recent years the bilateral trade registered negative growth, which according to officials was in consistent with the decline in global trade.

Indian exports to China declined by 19.6 percent to $18.8 billion last year compared $23.41 billion in 2011 and $20.86 billion in 2010.

Significantly China’s exports to India, which in the past had a high volume of growth, declined by 5.7 percent to $47.67, the data showed.

China’s exports touched $50.49 billion in 2011 from 40.88 billion in 2010.