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In Charts: China is India's third-largest export market
Apr 26, 2022

India imported $5 billion less from China in fiscal 2020 than in financial year 2021 and further $48 million lower in FY21 However, in FY22 imports from China increased significantly by $19 billion, reflecting the pandemic induced uncertainties. But the good thing is that the share of China in total merchandise imports has moderated to 15.5 percent currently, noted SBI Research in a report.
 
However, the compounded annual growth rate (CAGR) for India’s overall imports between FY97 and FY21 is 11.1 % while that for imports from China is 20.8%, which is almost double, making China India's third biggest importer.
 
While India’s service exports of telecommunications, computer, and information services far outpace China, the latter is rapidly catching up and India needs to buckle up in these areas, noted the SBI report.
 
However, India does have a comparative advantage in certain goods where China doesn’t. This includes select chemicals, minerals, stone and glass, animals and vegetables. But China has an advantage in many goods where India has advantage too such as footwear, hides and skins, metals, textiles and clothing.
"India might consider restrictions on certain products in which it has a revealed comparative advantage over China. This will provide support to MSMEs," said Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser at State Bank of India.
 
Moreover, India is pushing for fresh free trade agreements and trade concessions with major economies and regional blocs in a bid to boost export-oriented domestic manufacturing as it chases an ambitious export target of $450-500 billion in FY23.
 
The prime objective of an FTP is to facilitate trade by reducing transaction cost and time. It aims to work with state governments to implement ‘District Export Hubs’ that will work towards achieving the export goals of each state.
    
timesofindia.indiatimes.com

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