India faced a double blow on the export and import front in the month of February. Where India’s trade deficit with China has crossed 100 billion dollars. On the other hand, America has seen a huge decline of about 13 percent in exports. India’s imports with China have increased significantly in recent months. On the other hand, there has been a decline in exports due to tariffs. By the way, on Monday the government has released the complete data of India’s exports and imports. Let us also tell you what kind of export and import data has been presented with America and China.
Import and export with US and China
Indian exports to the US declined by 12.88 percent year-on-year to $6.88 billion in the month of February, while the trade deficit with China exceeded $100 billion in the first 11 months of the current financial year. According to the Commerce Ministry, the country’s exports had declined in September, October and December last year and it also declined in January this year. However, exports had increased by 22.61 percent in the month of November.
In America, up to 50 percent duty was being imposed on Indian goods since August. But after this high duty was canceled in the decision of the US Supreme Court, President Donald Trump imposed 10 percent duty on all countries for 150 days from February 24. In such a situation, the effect of softening of US tariffs is likely to be visible in the trade figures for the month of March only.
Increase in imports from America
According to official data, India’s imports from America increased by 36.53 percent to $4.48 billion in February. India’s exports to America increased by 3.84 percent to $79.29 billion in the April-February period of the current financial year. During this period, imports from America increased by 15.65 percent to 48.4 billion dollars.
India’s exports to China increased by 32.37 percent to $1.67 billion in February, while imports from there increased by 30.49 percent to $11.95 billion. During the April-February period, exports to China increased by 37.66 percent to $17.54 billion, while imports increased by 15.21 percent to $119.55 billion. During this period, the trade deficit between the two countries reached 102.01 billion dollars.
trade with other countries of the world
According to the data, last month there was an increase in India’s exports to markets like Germany, Hong Kong, Italy, Nepal, France, Brazil, Spain, Belgium, Malaysia and Vietnam. However, there was a decline in exports to Britain, Netherlands, Saudi Arabia, Bangladesh, Singapore, Australia and South Africa. On the import front, imports from United Arab Emirates (UAE), Russia, Germany, Thailand and Qatar declined in February. But imports from Saudi Arabia, Iraq, Switzerland, Singapore, Hong Kong, Japan, South Korea and Indonesia increased. India imports gold mainly from Switzerland. In February, gold imports from there increased almost seven times to $2.71 billion.