In­dia's trade deficit with China up

The Pak Banker - - Front Page -

BEI­JING

In­dia-China bi­lat­eral trade is fac­ing a down­turn in 2012 with over­all trade de­clin­ing to USD 55.6 bil­lion in the first ten months, while trade deficit for In­dia has bal­looned to USD 23 bil­lion. Ac­cord­ing to of­fi­cial fig­ures re­leased here, In­dian ex­ports to China to­talled to USD 16.3 bil­lion reg­is­ter­ing 13.3 per­cent de­cline. The de­cline was largely due to fall of In­dian iron ore ex­ports which con­sti­tuted about 50 per­cent of In­dia's ex­ports, Trade Con­sular of the In­dian Em­bassy here K Na­graj Naidu said. The over­all trade fig­ure of USD 55.6 bil­lion be­tween the Asian nations is a drop of 8.1 per­cent year-on-year. A cur­sory look at the pre­lim­i­nary trade data shows that ex­ports of dif­fer­ent prod­ucts from In­dia have not been much af­fected but the main slump is caused by the de­cline in iron ore ex­ports which was more due to var­i­ous do­mes­tic rea­sons like re­stric­tions on min­ing, Naidu said. Be­sides, steel con­sump­tion in China, till re­cently re­garded as the world's fac­tory for its mas­sive ex­port po­ten­tial, has come down due to fall in its global mar­kets es­pe­cially, the EU and the US.

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