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US-China tariff war benefiting India; exports to dragon up 32 per cent at $ 8.46 billion.


Date: 25-01-2019
Subject: US-China tariff war benefiting India; exports to dragon up 32 per cent at $ 8.46 billion
The tariff war between the US and China is benefitting India as its exports to the neighbouring country have increased by about 32 per cent during the June-November 2018 period to USD 8.46 billion, apex exporters body FIEO said Thursday. Exports to China had stood at USD 6.37 billion in June-November 2017. In June and September 2018, the US announced high customs duties on several Chinese goods. In retaliation, China also raised levies on American goods.

“US-China tariff war is benefiting India. Exports to China jumped from USD 6.37 billion in June-November 2017 to USD 8.46 billion in June-November 2018,” Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said in a statement. He said commodities that have exhibited high growth during the period to China include petroleum products, chemicals, cotton yarn, plastic raw material, and marine products.

Growth in exports to China is beneficial for India as it has huge trade deficit with the neighbouring country. Trade deficit with China increased to USD 63.12 billion in 2017-18 from USD 51.11 billion in 2016-17. India is taking several steps to promote shipments to China. Recently it has managed to export agricultural goods such as non-basmati rice to China.

Source: financialexpress.com

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