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India can explore $82-bn export potential in China: ITC

Jan '20
Pic: Shutterstock
Pic: Shutterstock
China holds an annual untapped potential of $82 billion in 20 goods where Indian exporters have competitive advantage, says Geneva-based International Trade Centre (ITC). These 20 goods mainly belong to the organic chemicals, plastics and articles, engineering, iron and steel and agricultural sectors, and constituted 17 per cent of India’s exports to China in 2018.

According to an analysis by MVIRDC World Trade Centre Mumbai, India meets hardly 3.3 per cent or $2.7 billion of the total annual import demand of $82 billion for these 20 products in China (figures are for 2018).

India has a competitive advantage in these products as we export $15 billion worth of these goods to the world, which is 4.5 per cent of the country’s annual exports. India can substantially reduce its trade deficit with China, which stood at $53.56 billion in 2018-19, by enhancing its market share for these products in that country.

“In order to realise this untapped export potential, India and China must exchange trade delegation with members from these identified sectors. We must also create awareness on this opportunity among India’s micro, small and medium enterprises producing these identified products,” Rupa Naik, senior director, MVIRDC World Trade Centre Mumbai, said in a statement.

Increasing India’s market share for these products in China will add further momentum to the growing exports of India in this country.

India’s overall exports to China grew 5.39 per cent to $11.57 billion in April-November 2019, even as India’s total exports to the world declined 2.0 per cent during this period.

India’s overall trade deficit with China declined 5 per cent to $35.3 billion in the first eight months of the current fiscal compared to $37.3 billion in the same period in the previous fiscal.

Fibre2Fashion News Desk (DS)

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