India-China bilateral trade surged to $103.6 billion in the first nine months of 2022, with a massive growth of 31 percent in exports, data released by the Chinese General Administration of Customs (GAC) shows.
India’s exports to China between January and September stood at $13.97 billion, widening the trade deficit to $75.7 billion in 2022.
In 2021, the trade deficit for the entire year was $69.38 billion.
China became India's top trading partner with a record volume of $125 billion in 2021 -- the same the year as over 60,000 troops were deployed at forward positions by each side over the Ladakh stand-off.
On Wednesday, Indian Foreign Minister S. Jaishankar conveyed to outgoing Chinese Ambassador Sun Weidong that “peace and tranquility in the border areas are essential for normal ties between India and China.”
“The last few years have been a period of serious challenge, both for the relationship and for the prospects of the continent. The continuation of the current impasse will not benefit either India or China. New normals of posture will inevitably lead to new normals of responses,” the Indian foreign minister added.
In his farewell remarks, the Chinese envoy stated, “We should seek common ground while reserving differences and properly handle the differences…We should be aware that the common interests of the two countries are greater than differences.”
Last month, the two countries completed the disengagement at Gogra-Hot Springs following a year of negotiations. However, the border issues have yet to be resolved in other outstanding areas, such as the Depsang Plains and Demchok.