2024-11-14 16:37:00
During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 6.31 per cent to USD 47.24 billion.
During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed.
Imports from Russia rose by 8.85 per cent to USD 38.8 billion during April-October this fiscal from USD 35.65 billion a year ago.
Similarly, the inbound shipments from the UAE rose by 55.12 per cent to USD 38.64 billion from USD 24.9 billion in the first seven months of the last fiscal.
During the period, the top 10 export destinations of the country were the US, the UAE, the Netherlands, the UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and Australia. Exports to the UAE rose by 15.86 per cent from USD 18 billion during April-October 2023 to USD 20.93 billion during April-October this fiscal. In 2023-24, the US was India’s largest trading partner, followed by China.
China was India’s top trading partner from 2013-14 till 2017-18 and in 2020-21. Before China, the UAE was the country’s largest trading partner. The US was also India’s largest trading partner in 2021-22 and 2022-23.
Further in October, imports from the UAE, with which India has a free trade agreement, jumped by 70.37 per cent to USD 7.18 billion, while exports grew by 43.32 per cent to USD 3.72 billion.
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What are the key factors driving India’s increasing imports from China despite the drop in exports to the same country?
**Title: Navigating Trade: An Interview with Dr. Arjun Mehta on India’s Trade Dynamics with China and the US**
**Interviewer:** Good afternoon, Dr. Mehta. Thank you for joining us today to discuss India’s trade landscape, particularly with China and the US.
**Dr. Mehta:** Thank you for having me. It’s great to be here.
**Interviewer:** Recent data from India’s commerce ministry shows that during the April-October period, China has remained India’s top source for imports, totaling nearly USD 66 billion, which is a significant 9.8 percent increase year-on-year. What do you think is driving this increase?
**Dr. Mehta:** The primary factors contributing to this surge in imports from China include the requirement for raw materials and intermediate goods, which are crucial for India’s manufacturing sector. China has established a strong supply chain for these products, and Indian manufacturers are increasingly reliant on these imports to meet production demands.
**Interviewer:** Interestingly, during the same period, Indian exports to China fell by over 9 percent to USD 8 billion. What do you think accounts for this decline?
**Dr. Mehta:** The decline in exports can be attributed to several factors, including increased competition in global markets and potential regulatory challenges. Furthermore, China’s economic situation, including its own demand fluctuations, could also be limiting the quantity of Indian goods that it imports.
**Interviewer:** On the other hand, the US has emerged as India’s top export destination with a 6.31 percent increase in exports to USD 47.24 billion. What specific sectors do you think are driving this growth?
**Dr. Mehta:** A significant portion of this growth is fueled by pharmaceuticals, textiles, and IT services, where India possesses a strong competitive advantage. Additionally, the US’s demand for these products has been robust, which aligns well with India’s export capabilities.
**Interviewer:** With these trade dynamics in play, what are the broader implications for India’s trade policy moving forward?
**Dr. Mehta:** India may need to diversify its trade partnerships to reduce dependency on any single country, especially given the fluctuations in imports from China. Strengthening trade ties with nations like the US while exploring new markets is crucial for future stability and growth in exports.
**Interviewer:** Thank you, Dr. Mehta, for your insights on these crucial economic trends. It will be interesting to watch how these dynamics evolve in the coming months.
**Dr. Mehta:** Thank you for having me. I look forward to our ongoing discussions about India’s economic landscape.
