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According to the latest data released by the Indian Ministry of Commerce and Industry, in the first 11 months of the fiscal year 2007-08 (April 2007-February 2008), Indo-China bilateral trade reached $33.768 billion, up 45.6 percent year on year. Of this total, India's exports to China amounted to $8.957 billion, up 20.16 percent year on year, accounting for 6.27 percent of India's total export value. Meanwhile, India's iron ore exports to China accounted for 92.14 percent of India's total iron ore exports or 45 percent of its total exports to China. China is India's third-largest export market.
During the period in question, India's imports from China grew by 57.74 percent to $24.811 billion, accounting for 11.52 percent of its total import value. China is India's largest source of imports. India's trade deficit with China reached $15.854 billion in FY 2007-08.
The value of India's trading volume with its top three trading partners are as follows: $33.768 billion with China; $30.876 billion with the US; and $26.23 billion with the UAE. China has maintained its position as India's largest trading partner since the beginning of the current fiscal year, accounting for 9.43 percent of India's total foreign trade value in this period.