Deals worth $57.83 billion reached at China’s first international import expo

BEIJING: China’s first international import expo which concluded in Shanghai on Saturday resulted in deals worth $57.83 billion, official data said, with India among the 172 nations that participated in the mega event at China’s business hub.

The five-day expo was held amid criticism that China, the world’s biggest exporter of goods, imports far less from the rest of the world.

Deals for intended one-year purchases of goods and services worth a total of $57.83 billion were reached at the first China International Import Expo (CIIE), which concluded in Shanghai, state-run Xinhua news agency said quoting official data.

It also came in the midst of a trade war with the United States, which has clamped tariffs on $250 billion of Chinese imports. Washington is demanding China cut down the trade deficit of $375 billion.

India too took part in the event by setting up a country pavilion highlighting its food and agro products, pharmaceuticals, IT and It-enabled services, (ITES) tourism and services sectors, to gain market access to China.

Commerce Secretary Anup Wadhawan inaugurated the pavilion and held talks with Chinese officials to increase Indian exports to China to bridge the over $51 billion trade deficit. Indian firm Jay Shree Tea & Industries Ltd signed a $1 million export contract with Chinese company COFCO (China Tea) for export of Indian black tea to China.

A total of 172 countries, regions and international organisations, and more than 3,600 enterprises participated in the event, which attracted more than 400,000 domestic and overseas purchasers, Sun Chenghai, deputy director of the CIIE Bureau, told a news conference in Shanghai.

Deals for high-end intelligent equipment reached over $16.46 billion, followed by $12.68 billion of food and agricultural products, as well as $11.99 billion of automobiles among others, Sun said.