According to data from the General Administration of Customs of China (GAC), the trade barrier between India and China has crossed the $100 billion mark for the first time in 2021.
|Cargo at the port in Haikou, Hainan province, China. Photo: AFP/VNA|
Accordingly, the two-way trade turnover from January to October 2021 has reached $102.29 billion, of which the trade balance is strongly tilted towards Beijing. China’s exports to India reached 78.33 billion USD while the opposite direction was only 23.96 billion USD.
Mr. Qian Feng, director of the research department at the National Institute of Strategy, Tsinghua University, China, said that the increase in trade between the two countries shows the complementarity between the two major developing economies in the world. this world. Although the India-China border dispute affects bilateral relations from a political perspective, businesses of the two countries are still willing to do business with each other.
According to Mr. Qian, except for some basic electronic devices such as mobile phones, India’s pharmaceutical industry, which New Delhi considers pride, also needs support from China, when around 50-60 years old. % of chemicals and other raw materials used in Indian pharmaceutical industry are imported from China.
Mr. Qian asserted that calls by some Indian politicians to boycott Chinese products did not stop public opinion and the results are reflected in the trade statistics.