Imports from China rising fast: FICCI
Two-way trade between the two neighbours stood at $24.86 billion in 2006 and grew 50 per cent during January-June 2007 to $17.19 billion.
By PTI |
NEW DELHI: Imports from China have increased at a much faster pace than those from India's other trading partners, even as the two countries are seriously considering a market-enlarging Regional Trade Agreement, industry body FICCI has said.
Discussions are likely during Prime Minister Manmohan Singh's three-day visit to China from today on regional trade pact. Commerce Minister Kamal Nath is already in Beijing holding discussions with his Chinese counterpart.
"India's imports from China have increased over eight-fold since 2001-02 whereas increase in our imports from the world was only three-fold during the same period," FICCI said.
This has increased China's share in India's imports from around four per cent in 2001-02 to 9.4 per cent in 2006-07, while India's share in Chinese world imports continues to be an insignificant 1.3 per cent, it said.
According to a FICCI study, import of air-conditioners from China has grown by 120 per cent since 2001-02 while India's total import of the item from the world grew by 39 per cent per annum.
Similarly, import of transmission apparatus from China grew by 174 per cent during the last six years while those from other countries grew by 74 per cent.
Two-way trade between the two neighbours stood at $24.86 billion in 2006 and grew 50 per cent during January-June 2007 to $17.19 billion.
Imports of knitting machines from China grew by 143 per cent whereas India's total imports of the machines from the world grew by 49 per cent, the study said.
"Industrial goods from China have made deep inroads in our industry. While import of the goods constituted only 1.8 per cent of India's industrial GDP in 2001-02, it constituted over 10 per cent in 2006-07," it said.
In 2006-07, India's industrial GDP was $167 billion and of Chinese industrial import was $17.3 billion.
The chamber further said not only is the average growth rate of Chinese imports is very high, but share of China has also increased significantly in India's imports over the last six years.
China's share in India's total imports of raw silk, woven silk fabrics, coke, tubes, pipes, machinery parts, electrical accumulators, transmission apparatus, data processing machines and auto components has increased significantly and the economic giant occupies a more than 50 per cent share in India's imports of electrical components, auto components, anti-biotic, tubes and pipes.
"An analysis shows that while many commodities had been primarily imported from China, over a period we have become entirely dependent on the country for these products," the chamber said.
FICCI has been opposing a free trade agreement with China on the ground that the Indian industry has a long way to go before it reaches the scale of Chinese units.
Discussions are likely during Prime Minister Manmohan Singh's three-day visit to China from today on regional trade pact. Commerce Minister Kamal Nath is already in Beijing holding discussions with his Chinese counterpart.
"India's imports from China have increased over eight-fold since 2001-02 whereas increase in our imports from the world was only three-fold during the same period," FICCI said.
This has increased China's share in India's imports from around four per cent in 2001-02 to 9.4 per cent in 2006-07, while India's share in Chinese world imports continues to be an insignificant 1.3 per cent, it said.
According to a FICCI study, import of air-conditioners from China has grown by 120 per cent since 2001-02 while India's total import of the item from the world grew by 39 per cent per annum.
Similarly, import of transmission apparatus from China grew by 174 per cent during the last six years while those from other countries grew by 74 per cent.
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Two-way trade between the two neighbours stood at $24.86 billion in 2006 and grew 50 per cent during January-June 2007 to $17.19 billion.
Imports of knitting machines from China grew by 143 per cent whereas India's total imports of the machines from the world grew by 49 per cent, the study said.
"Industrial goods from China have made deep inroads in our industry. While import of the goods constituted only 1.8 per cent of India's industrial GDP in 2001-02, it constituted over 10 per cent in 2006-07," it said.
In 2006-07, India's industrial GDP was $167 billion and of Chinese industrial import was $17.3 billion.
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The chamber further said not only is the average growth rate of Chinese imports is very high, but share of China has also increased significantly in India's imports over the last six years.
China's share in India's total imports of raw silk, woven silk fabrics, coke, tubes, pipes, machinery parts, electrical accumulators, transmission apparatus, data processing machines and auto components has increased significantly and the economic giant occupies a more than 50 per cent share in India's imports of electrical components, auto components, anti-biotic, tubes and pipes.
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"An analysis shows that while many commodities had been primarily imported from China, over a period we have become entirely dependent on the country for these products," the chamber said.
FICCI has been opposing a free trade agreement with China on the ground that the Indian industry has a long way to go before it reaches the scale of Chinese units.
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