Gap between India, China widening in ASEAN trade: FICCI
India is lagging behind China in terms of trade with the ASEAN, with exports from China to the 10-nation bloc is nearly seven times more than those from India, a study by industry body FICCI has said.
By PTI |
NEW DELHI: India is lagging behind China in terms of trade with the ASEAN, with exports from China to the 10-nation bloc is nearly seven times more than those from India, a study by industry body FICCI has said.
"The current share of India in ASEAN global imports is minuscule while China's share is over seven times that of India," FICCI said in its study on India-ASEAN trade.
While India's share in ASEAN trade has marginally moved up from one per cent to 1.6 per cent between 1997 and 2006, China has recorded a three-fold jump in its share to 11.4 per cent from 3.7 per cent during the same period, it said.
FICCI has undertaken a product-wise comparison between exports of India and China to ASEAN for 2006. For as many as 20 products out of India's top 25 exports to ASEAN, China's share is higher than India's. These 25 products accounted for nearly 93 per cent of total imports to ASEAN from India in 2006.
China has outperformed India by a significant margin in products such as apparels, iron and steel, machinery and mechanical appliances, articles of iron and steel, electrical machinery and miscellaneous chemical products.
India's exports to ASEAN grew 21 per cent to 12.6 billion dollar, while imports rose by over 66 per cent to 18 billion dollar in 2006-07.
India and ASEAN are negotiating a Free Trade Agreement to boost trade. However, the two sides are yet to iron out differences on market access in politically sensitive agriculture products of palm oil, pepper and tea.
"The current share of India in ASEAN global imports is minuscule while China's share is over seven times that of India," FICCI said in its study on India-ASEAN trade.
While India's share in ASEAN trade has marginally moved up from one per cent to 1.6 per cent between 1997 and 2006, China has recorded a three-fold jump in its share to 11.4 per cent from 3.7 per cent during the same period, it said.
FICCI has undertaken a product-wise comparison between exports of India and China to ASEAN for 2006. For as many as 20 products out of India's top 25 exports to ASEAN, China's share is higher than India's. These 25 products accounted for nearly 93 per cent of total imports to ASEAN from India in 2006.
China has outperformed India by a significant margin in products such as apparels, iron and steel, machinery and mechanical appliances, articles of iron and steel, electrical machinery and miscellaneous chemical products.
India's exports to ASEAN grew 21 per cent to 12.6 billion dollar, while imports rose by over 66 per cent to 18 billion dollar in 2006-07.
ADVERTISEMENT
India and ASEAN are negotiating a Free Trade Agreement to boost trade. However, the two sides are yet to iron out differences on market access in politically sensitive agriculture products of palm oil, pepper and tea.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
