Setting up Chinese Industrial Parks in India to enable India to scale up its exports and bridge the widening trade deficit with China, President, Federation of Indian Export Organisatios (FIEO), M Rafeeque Ahmed Tuesday said in a press statement.
"Setting up of an industrial park by the Chinese in India may enable India to move into an higher export level since we do not figure even in the top 15 countries which contribute to 60 percent of the world Export in 2012," said Ahmed while commenting on the key pact signed to bring Chinese industrial parks to India by the Commerce Minister, Nirmala Sitharaman when she flagged India's concerns over the trade deficit which averaged over USD 35 billion a year.
He said, "Global exports totaled an estimated USD 18.36 trillion in 2012, up 2.82 percent from USD 17.86 trillion and the International Monetary Fund's World Economic Outlook Database gave the total Gross Domestic Product for all countries amounted to USD 83 trillion in 2012 of which exports accounted for about 22.1 percent and China's exports are 11.2 percent of global exports."
He said India figured tenth in China's top 15 trade partners.At present, China's top 15 trade partners that imported the most Chinese shipments by dollar value during 2013 include: Hong Kong: USD 384 billion (17.4 percent of China's total exports); United States: USD 369 billion (16.7 percent); Japan: USD 150 billion (6.8 percent); South Korea: USD 91 billion (4.1 percent); Germany USD 67 billion (3 percent); Netherlands USD 60 billion (2.7 percent); United Kingdom: USD 50 billion (2.3 percent); Russian Federation: USD 49 billion (2.2 percent); Vietnam: USD 48.5 billion (2.2 percent) while India figured tenth with USD 48.4 billion (2.2 percent).
Over two-thirds (69.1 percent) of Chinese exports in 2013 were delivered to the its top 15 trade partners.FIEO chief stated that the industrial park will attract the leading companies with internationally bench marked technology, economy of scale, tie ups for marketing and will result in development of ancillaries which all augur well for Indian exports.
"Trade deficit with China, which accounts for about one third of overall deficit, can be curbed through aggressive exports strategy recognising the fact that China will emerge as the biggest market for Indian exports by 2020," he added.
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