New Delhi: Industry body PHD Chamber of Commerce and Industry on Saturday said that balance of trade between India and China is "improving" in former's favour.
According to a report by PHD Chamber, current trends show a rise in India's exports to China.
"India has seen a major breakthrough in its exports to China during last few months whereas the surge in imports for Chinese products in Indian market is on deceleration," said Anil Khaitan, President, PHD Chamber of Commerce and Industry.
"India's exports to China grew by 72 per cent in October 2017 whereas growth of imports from China was only 4.2 per cent."
The report pointed out that exports to China are expected to improve further in the coming months.
"Despite substantial volume of imports from China, of lately, India's import growth from China shrunk from 65 per cent to 4 per cent during April - October 2017 whereas exports growth to China witnessed a surge from 40 per cent to 72 per cent during the same period," said Khaitan.
India's trade deficit with China has also eased from $4.92 billion in April 2017 to $4.6 billion in October 2017.
"The trade between India and China witnessed a tremendous jump from $ 2.71 billion in 2001 to around $ 70 billion in 2016," Khaitan said.
"Although China has been able to enhance its footprint in India to a greater extent over the past decade, the trend has seen a consistent reversal in the first half of 2017-18."
Comments
0 comment