China is an important trading partner for India with an import of US$ 65.22 billion worth of goods and export of US$ 15.10 billion for the period April – February 2019, recording an all-time high in exports and sharp decline in imports from China.
Trade balance between the two countries in the year 2017-18 was US$ 63.05 billion in favour of China, which has now shrunk to US$ 50.13 billion (from US$ 57.87 billion for the period April – Feb 2018-19).
In a statement, Dr. K V Srinivasan, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) complemented Shri. Suresh Prabhu, Hon’ble Minister of Commerce and Industry & Civil Aviation for this path-breaking achievement in reducing the trade balance.
He pointed out that exports of cotton textiles had contributed to the reduction in trade deficit as export of these items during April-February 2018-19 had increased by 69% (US$ 1,555 million) over the previous year similar period (US$ 919.76 million). Shri. Srinivasan pointed out that export of cotton textiles can increase further if the tariff disadvantage of 3.5% to 10% suffered by India in comparison to Vietnam, Pakistan, Indonesia etc on textile products are addressed by making further special efforts.
|Image Caption : Dr. K V Srinivasan, Chairman, TEXPROCIL||click for high-res image|