Since 2014 China has emerged as India’s biggest trade partner and a country with which India has a large trade deficit. Exports to India account for only two per cent of China's total exports. India’s imports from China rose by more than seven per cent in October 2016, while exports to China fell by 11 per cent, widening the trade deficit to a record 48 billion dollars.
China-India trade cooperation has deepened over the years and the bilateral trade has grown 24 times in 15 years, from 2.9 billion dollars in 2000 to 71.6 billion dollars in 2015. In 2015, China imported two billion dollars worth of cotton and more than 100 million dollars worth of black tea from India, bring benefits to 1.2 million cotton growers and 50,000 tea farmers and sellers in India.
Since China started its reforms and opening-up policy in 1978, its economy has expanded rapidly and, after three decades of spectacular economic growth, China has gained a strong foothold in global trade. Now it is the biggest trading partner for more than 130 countries.
With its fantastic economic growth, China has, in fact, forced the rewriting of the history of global trade. The Made in China label is establishing China's place as a major player in a global economy. India, Pakistan, Bangladesh, US, Europe, parts of Canada, Australia, Africa and several other countries import from China.