Photo:VCG

The General Administration of Customs (GAC) of China revealed on Sunday the country's international trade data for October with a year-on-year increase of 22.2 percent. GAC's data also shows that the international trade volume between China and India reached $102.29 billion, exceeding the milestone of $100 billion for the first time in 2021.

Qian Feng, Director of the Research Department of the National Strategy Institute of Tsinghua University, told the Global Times on Sunday that the surge in bilateral trade demonstrates the complementarity of two major developing economics. 

Because of the COVID-19 pandemic , international trade volume between China and India reached $69.19 billion from January to October, 2020. Trade volume in the same period of 2021 saw a year-on-year increase of 32.36 percent. 

Indian media had predicted that the overall trade volume between China and India would likely to break $100 billion mark within 2021.

"Even though the China-India border spat affected the bilateral relationship from the aspect of politics, the willingness of trade among entrepreneurs in both countries were not affected," said Qian. 

According to the data revealed by GAC, China's exports to India reached $78.33 billion, over three times what it imports from India, which only totaled $23.96 billion. 

"With the exception of some basic electronic devices like mobile phones, the Indian pharmaceutical industry, which makes them proud, also need assistance from China," said Qian. He noted that about 50 to 60 percent of chemical and other materials used by the Indian pharmaceutical industry are imported from China. 

Qian remarked that the suggestion by some Indian politicians of a boycott against Chinese products did not stop public opinion and the result is reflected in the trade statistics.