According to data released by the General Administration of Customs of China, the trade volume between India and China will reach US$125.6 billion in 2021, which is the first time that the bilateral trade volume has exceeded the US$100 billion mark. This means that China-India economic and trade cooperation has a solid foundation and huge potential for future development. In 2000, the total bilateral trade between China and India was only 2.9 billion US dollars. According to the latest data, Sino-Indian bilateral trade commodities are mainly machinery and appliances, chemical products, base metals, mineral products, and textile raw materials.
Both China and India have the characteristics of large market and strong demand. With the rapid economic growth of both sides and the strong complementarity of industrial structures, the bilateral trade volume has maintained an overall growth trend in the past 20 years. India is a large market with a population of more than 1.3 billion. Economic development has driven the continuous improvement of consumption levels. In particular, the middle class with a size of 300 million to 600 million has high consumer demand.
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