BUSINESS

India’s imports from China decelerating, says report

Rising exports:The chamber said India has seen a major breakthrough in exports to China in the last few months.AP  

India’s imports from China stood at $60 billion during the April-January period of 2018-19 fiscal, a deceleration of 5% over the corresponding period a year ago, PHD Chamber of Commerce said on Saturday.

According to the chamber, India’s trade deficit with China also eased to $46 billion in April-January 2019 from $53 billion in the same period a year ago.

“Despite substantial volume of imports from China, India’s import growth from China shrunk from 24% during April to January 2018 to (-) 5% during April-January 2019,” PHD Chamber of Commerce and Industry Secretary General Mahesh Reddy said.

Commerce Ministry data showed India’s export to China totalled $13.8 billion, whereas its imports from the neighbouring country stood at $60.1 billion during the April-January period.

Indian shipments to China totalled $13.33 billion in 2017-18 (April-March), whereas the country’s imports from China stood at $76.38 billion in the period.

The chamber said India has seen a major breakthrough in its exports to China during the last few months, whereas imports of Chinese products in India are decelerating.

Its exports to China grew 31% in April-January 2019, increasing from $10 billion in April-January 2018 to $14 billion in April-January 2019, Mr. Reddy said.

Meanwhile, India has identified and shared with China a list of 380 products including horticulture, textiles, chemicals and pharmaceuticals, as their shipments hold huge export potential in the neighbouring country, an official said.

Increasing exports of these products would help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19.