EU-India trade up by $13 bn in 2007March 20th, 2008 - 2:28 pm ICT by admin
Brussels, March 20 (IANS) Trade between the European Union and India has witnessed a sharp increase from 47 billion euros ($73 billion) in 2006 to 55.6 billion euros ($86 billion) in 2007. Exports from the 27-member bloc to India grew by 21 percent last year to reach 29.4 billion euros as compared to 24.4 billion euros in 2006, according to the figures by Eurostat, the EU’s statistical office.
The data was released Wednesday, EuAsiaNews reported.
EU imports from India increased by 16 percent to 26.2 billion euros in 2007 from 22.6 billion euros in 2006.
The EU’s trade surplus with India went up to 3.2 billion euros last year from 1.8 billion euros in 2006.
Meanwhile, EU’s trade deficit with China reached the whopping figure of 159.2 billion euros in 2007 from 131 billion euros in 2006.
China exported goods worth 231 billion euros to the EU in 2007, up by 19 percent from 194.8 billion euros in 2006.
EU exports to China in 2007 witnessed an increase of 12 percent from 63.8 billion euros in 2006.
India exports mainly textiles, clothing, agricultural products and chemicals to the EU, while the EU exports mainly machinery and chemical products to India.
The EU is India’s largest trading partner.