China now India’s top trade partner

According to this report from The Times of India, the U.S., which has long been India’s top trader partner, has lost out to China:

The Sino-Indian bilateral trade has increased 53% over $24.9 billion in 2006, adding $13.7 billion in one year. The prime ministers of the two countries have revised their existing target for 2010 from $40 billion to $60 billion.

53%? That’s a HUGE increase. But as the news article points out, the U.S. could be tops again once India starts paying for Boeing aircraft purchases:

However, China might face severe pressure in maintaining its No.1 position if the first tranche of payment for the proposed aircraft purchases is sent out to US in 2008. India is awaiting the supply of Boeing aircraft from the US this year and is likely to send out some payment soon.