The value of bilateral trade in 2007 was $38.6 billion. With the target of $20 billion set for 2008 reached two years ahead of schedule and the revised target of $40 billion by 2010 likely to be reached by 2008, an enhanced target of $60 billion by 2010 has been set during the visit. Some concern has been expressed over India recently running up a sizeable trade deficit with China, upwards of $10 billion in 2007.Compare that to US deficit which runs more than $400 billion a year.
And here is the comparison between Indian and Chinese economy and where India is failing.
Addendum: Here is the congressional research services (CRS) report about "China’s Trade with the United States and the World"
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