Beijing: Bilateral trade between India and China rose 53.7% to $14.2 billion (Rs58,000 crore) during the first five months of the year, witnessing the fastest growth rate among the communist nation’s top 10 trading partners, according to statistics released by the general administration of customs here on Monday.
China’s trade surplus in May soared to $22.45 billion, up 73% from the same period of last year, the customs figures showed.
The figure was close to February’s $23.7 billion, the second highest monthly level on record.
Exports grew to $94.1 billion, up by 28.7% year-on-year, a slight rise of 1.9 percentage point from April, it said.
Imports rose to $71.6 billion, increasing 19.1% over the same period of last year, or about 2.2 percentage point higher from April.
Aggregate surplus for the first five months jumped 84% year-on-year to $85.7 billion, it said. A senior analyst with Chinese customs administration, Huang Guohua, said the surplus growth in May reflected enterprises’ response to the government’s latest trade policy change.
The ministry of finance announced on 21 May that the country would impose extra export tariffs, while cutting import duties as of 1 June to narrow its widening trade surplus.
The European Union remained China’s top trading partner, with trade volume reaching $129.9 billion in the first five months of 2007, up 29% from the same period of last year. The US came second with a trade volume of $115.17 billion.