Finally, China is flooded with Made in India goods

After one year of its accession to the WTO, China has emerged as a consumption centre for the global trading world and also a major market f...

After one year of its accession to the WTO, China has emerged as a consumption centre for the global trading world and also a major market for Indian commodities.

During the first half of the current fiscal, India’s exports to China has increased by 61.07 per cent to Rs 3,344.76 crore from Rs 2,076.58 crore. In many commodities, export growth is over 100 per cent.

Over the last few years, exports to China have witnessed a double-digit growth. In the year 1999-2000 it grew by 30 per cent to go upto Rs 2,336 crore which grew further by 62.58 per cent at Rs 3,798 crore in 2000-01. In 2001-02, Indian exports to China grew by 19.55 per cent and total exports stood at Rs 4,540 crore. China’s share in India’s overall export basket has witnessed a hike from 1.28 per cent in 1998-99 to 2.73 per cent by September last year. An official said that ‘high growth rate of Chinese economy is generating heavy demand for various items specially primary commodities and raw material’. While China is not yet to be among India’s top ten trading partners, its trade with India is growing at an excellent pace.

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The data provided by DGCI&S under the ministry of commerce and industry showed that export of iron ore between April to September in 2002-03 has increased by 114.12 per cent to Rs 814.06 crore in the first six months of 2002-03 from Rs 380.18 crore.

The export of primary and semi-finished iron and steel has gone up to Rs 404.26 crore to Rs 26.75 crore in the period under review. Citing the reason for this, the official said that ‘China is investing a lot in infrastructure which has created demand for iron ore, semi finished iron and steel and also for processed minerals’.

The exports of processed minerals to China has shot up to Rs 234.43 crore from mere Rs 22.23 crore. A Confederation of Exporting Units official said that demand of building material has shot up because of the Olympic games related construction activities which are going to be held in Beijing in 2008. Other commodities witnessing high export include inorganic, organic, agro chemicals (Rs 211.39 crore), manufacture of metals (Rs 79.65 crore), machinery and instruments (Rs 66.34 crore) and non-ferrous metals (Rs 52.21 crore).

According to senior advisor in CII, T.K. Bhaumik: “Leaving the suspicion behind, China is now creating trade friendly environment by granting several tariff concessions, giving more market access, thus facilitating imports from India.” Though China is still not one of “considering the size of Chinese market, India should fully utilise this opportunity,” he added.

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