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India's exports up 32 pc to China, 12 pc to US during June-Nov 2018: FIEO
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 to USD 8.46 billion during the June-November 2018 period, 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.
Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta also said that during the period, India's exports to the US grew by 12 per cent.
"Exports to China jumped from USD 6.37 billion in June-November 2017 to USD 8.46 billion in June-November 2018," 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.
"While tariff war is not good for the global trade, the same has come as an opportunity for other countries including India. Our exports to China in June-November 2018 went up by 32 per cent and to US by 12 per cent in the same period," Gupta said.
If the tariff escalation continues, India has to increase production capabilities to meet the growing demand in both the markets, he added. 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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