India has witnessed a major breakthrough in its exports to China during the last few months while its import of Chinese items is falling, according to Mahesh Y Reddy, secretary general of the PHD Chamber of Commerce and Industry (PHDCCI), who recently appreciated the remarkable turnaround by Indian exporters during April-January 2018-19.
India's exports to China grew by 31 per cent from $10 billion in April-January 2017-18 to $14 billion in the same period in fiscal 2018-19, Reddy said.India has witnessed a major breakthrough in its exports to China during the last few months whereas its import of Chinese items is falling, according to Mahesh Y Reddy, secretary general of the PHD Chamber of Commerce and Industry (PHDCCI), who recently appreciated the remarkable turnaround by Indian exporters during April-January 2018-19.#
Despite substantial volume of imports from China, India's import growth from China shrunk from 24 per cent during April-January 2017-18 to minus 5 per cent during the same period in the successive fiscal, said Reddy.
India's trade deficit with China has also eased from $53 billion in April-January 2017-18 to $46 billion in April-January 2018-19, he said.
The total trade between India and China witnessed a tremendous jump from $3 billion in 2001-02 to around $90 billion in 2017-18, a PHDCCI press release quoted Reddy as saying.
India's top ten imports from China comprise 78 per cent of the overall imports from China (Apr-Jan 2018-19) and its top ten export items to China comprise of 81 per cent of the overall exports to China (Apr-Jan 2018-19).
Over the past decade, China has been able to enhance its footprint in India to a greater extent. However, the trend has seen a reversal in the April-Jan 2018-19 period. (DS)
ALCHEMPro News Desk – India
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