Sunday, February 6 2005 14:41 Hrs (IST) - World Time -

Beijing: India-China bilateral trade has set a new record with total trade touching $ 13.6 billion in 2004 and India enjoying a comfortable trade surplus of $ 1.75 billion, latest Chinese customs statistics indicate.

India-China annual trade for 2004 touched an all-time high at $ 13.6 billion, up 79 per cent over the total trade volume of 2003, the customs figures showed.

The total trade figure achieved during 2004 was $ 3.6 billion more than expected at the beginning of the year, indicating the huge potential that exists between the two fastest growing economies, analysts said.

India-China trade ties have witnessed a qualitative change in recent years. The bilateral trade at the end of 2000 was $ 3 billion, it increased to $ 5 billion at the end of 2002, and in 2003 it touched $ 7.6 billion.

During January-December period of 2004, Indian exports to China grew by 80.5 per cent to reach $ 7.68 billion. Meanwhile, India's imports from China registered 77.2 per cent year-on-year growth to hit $ 5.93 billion.

Trade balance for the year stood in India's favour at $ 1.75 billion.

Monthly trade volume recorded a yearly high of $ 1.44 billion, surpassing November's high of $ 1.32 billion. Indian exports to China in December touched $ 744 million and imports for the month reached $ 697 million.

There is no significant change in composition of bilateral trade basket. Indian exports to China are dominated by iron ore.