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Online Classes :- Current Affairs Part-3

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India-China trade hits record $84.4 billion in 2017

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According to data of Chinese General Administration of Customs, India-China bilateral trade has reached $84.44 billion last year, a historic high with 18.63% year-on-year growth rate.

This is regarded as historic landmark in bilateral relations of both countries, as volume of bilateral trade for first time has touched $80 billion, well above the $71.18 billion registered in 2016.

India has emerged as the seventh largest export destination for Chinese products, and 24th largest exporter to China.

India’s imports and exports: It has increased by 39.11% year-on-year to $16.34 billion in 2017. India’s imports from China have increased by 14.59% to $68.10 billion.

India’s trade deficit: It continues to remain high at $51.75 billion, registering a growth of 8.55% year-on-year in 2017. To arrest it, India is pressing China to open its IT and Pharmaceutical sectors for Indian firms, fertilizers, organic chemicals and pharmaceutical antibiotics.

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