Beijing: India-China bilateral trade has set a new record with total trade touching $13.6 billion in 2004 with India enjoying a comfortable trade surplus of $1.75 billion.

India-China annual trade for 2004 was up 79 per cent over the total trade volume of 2003, the customs figures showed.

The total trade figure achieved during 2004 was $3.6 billion more than expected at the beginning of the year, indicating the huge potential that exists between the two fastest growing economies, analysts said.

The bilateral trade at the end of 2000 was $3 billion, it increased to $5 billion at the end of 2002, and in 2003 it touched $7.6 billion.

During January-December period of 2004, Indian exports to China grew by 80.5 per cent to reach $7.68 billion. Meanwhile, India''s imports from China registered 77.2 per cent year-on-year growth to hit $5.93 billion.

Trade balance for the year stood in India''s favour at $1.75 billion.

Monthly trade volume recorded a yearly high of $ 1.44 billion, surpassing November''s high of $1.32 billion.

Indian exports to China in December touched $744 million and imports for the month reached $697 million.

There is no significant change in composition of bilateral trade basket. Indian exports to China are dominated by iron ore.