India’s
export to China declined during the year 2008-09 and China’s exports to India
declined during the year 2009-10. However total trade between India and China
during the last three years has been increasing gradually. The details of the bilateral trade between India and China during the
last three years is given below:-
Value in USD million
|
Year
|
Exports to China
|
Imports from China
|
Total Trade
|
|
2007-08
|
10871.34
|
27146.41
|
38017.75
|
|
2008-09
|
9353.5
|
32497.02
|
41850.52
|
|
2009-10
|
11617.88
|
30824.02
|
42441.90
|
(Source: DGCI&S)
There
are various factors which restrict exports from India to China. China’s macroeconomic
policies, exchange rate policy and other specific non-tariff measures make
exports to China uneconomic and cumbersome. During the eighth session of
India-China Joint Group on Economic Relations, Trade, Science and Technology
(JEG) held on 19th January, 2010, the Commerce & Industry
Minister raised the issue of growing trade deficit with his Chinese
counterpart. As an outcome of 8th JEG, an MoU on Expansion of trade and Economic Cooperation was
signed between India and China. The MoU recognizes
that a balanced trade is conducive to long term, sustainable and harmonious
development of economic cooperation between India and China. As per the MoU, the Chinese side shall strive to import as much of its
requirement of value added goods from India as possible.
This
information was given by Shri Jyotiraditya
M Scindia, Minister of State for Commerce and
Industry, in a written reply in the Rajya Sabha today.
************
DS/MRS