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India has negative trade balance with 110 countries: Government
NEW DELHI: The country has negative trade balance with as many as 110 countries including China, Singapore, Germany, Indonesia, Australia and the UK, Parliament was informed today.
The bilateral trade between India and China has declined by 11.60 per cent year-on-year during April-December 2012-13, Minister of State for Commerce and Industry D Purandeswari said in a written reply to the Rajya Sabha.
India's exports to China during the nine months of this fiscal declined by 25.10 per cent, while imports shrunk by 7.7 per cent.
She said that since India's imports have been more than the exports to China, it has "adversely impacted" the trade deficit with China.
The trade deficit during April-December 2012 stood at USD 31.65 billion. In 2011-12, the deficit was aggregated at USD 39.44 billion.
"Total 110 countries are similarly placed where India has been losing in trade and commerce in respect of total trade data in April-December 2012-13 when compared to the same period in 2011-12," she added.
The decline in exports can be attributed to decrease in the exports of iron ores, cotton raw including waste, plastics, petroleum products, electronic goods, drugs, gems and jewellary and chemicals, the minister said.
Contraction in imports can be attributed to decrease in the imports of machinery, iron & steel, transport equipment, gold, petroleum, chemicals and machine tools.
"The decline in bilateral trade can be attributed to overall negative global sentiment because of economic recession and low demand all over the world," she said, adding ban of exports of iron-ore from Karnataka and Goa has also contributed to decline in the country's exports.
Replying to a separate question, the minister said a study titled 'Enhancing India - Pakistan Trade' has recently been undertaken by economic think-tank ICRIER which assesses trade possibilities between the two countries.
According to the study, a substantial proportion of India's export potential (about 58 per cent) is in products that are on Pakistan's negative list of 1,209 items or on Pakistan's sensitive list of 936 products applicable to India under SAFTA Agreement.
It has suggested that there are trade opportunities in the service sectors such as IT, BPO, health care, entertainment where both countries can tap through trade liberalisation process, by setting up of joint ventures/production units.
India has negative trade balance with 110 countries: Government - The Economic Times
NEW DELHI: The country has negative trade balance with as many as 110 countries including China, Singapore, Germany, Indonesia, Australia and the UK, Parliament was informed today.
The bilateral trade between India and China has declined by 11.60 per cent year-on-year during April-December 2012-13, Minister of State for Commerce and Industry D Purandeswari said in a written reply to the Rajya Sabha.
India's exports to China during the nine months of this fiscal declined by 25.10 per cent, while imports shrunk by 7.7 per cent.
She said that since India's imports have been more than the exports to China, it has "adversely impacted" the trade deficit with China.
The trade deficit during April-December 2012 stood at USD 31.65 billion. In 2011-12, the deficit was aggregated at USD 39.44 billion.
"Total 110 countries are similarly placed where India has been losing in trade and commerce in respect of total trade data in April-December 2012-13 when compared to the same period in 2011-12," she added.
The decline in exports can be attributed to decrease in the exports of iron ores, cotton raw including waste, plastics, petroleum products, electronic goods, drugs, gems and jewellary and chemicals, the minister said.
Contraction in imports can be attributed to decrease in the imports of machinery, iron & steel, transport equipment, gold, petroleum, chemicals and machine tools.
"The decline in bilateral trade can be attributed to overall negative global sentiment because of economic recession and low demand all over the world," she said, adding ban of exports of iron-ore from Karnataka and Goa has also contributed to decline in the country's exports.
Replying to a separate question, the minister said a study titled 'Enhancing India - Pakistan Trade' has recently been undertaken by economic think-tank ICRIER which assesses trade possibilities between the two countries.
According to the study, a substantial proportion of India's export potential (about 58 per cent) is in products that are on Pakistan's negative list of 1,209 items or on Pakistan's sensitive list of 936 products applicable to India under SAFTA Agreement.
It has suggested that there are trade opportunities in the service sectors such as IT, BPO, health care, entertainment where both countries can tap through trade liberalisation process, by setting up of joint ventures/production units.
India has negative trade balance with 110 countries: Government - The Economic Times
