(MENAFN- KNN India)
New Delhi, Sep 19 (KNN) In August, India experienced a significant contraction in its exports to China, outpacing the decline in its overall global exports, according to recent data from the commerce department.
This trend comes amid a broader economic slowdown in China, which is impacting global trade patterns.
India's exports to China decreased by 22.44 per cent to USD 1 billion, while overall exports fell by 9 per cent to USD 34.7 billion.
China remains India's fifth-largest export market. In contrast, imports from China rose by 15.5 per cent year-on-year to USD 10.8 billion, with China continuing to be India's largest import partner.
The trade composition between the two countries shows major exports to China include iron ore, marine products, copper, and food items.
Key imports from China comprise electronic components, industrial machinery, IT hardware, and organic chemicals.
Commerce Secretary Sunil Barthwal cited muted demand, geopolitical challenges, and logistics issues as factors affecting merchandise exports.
The slowdown in China was highlighted as a significant contributor to the decline in petroleum prices, further impacting global trade dynamics.
In a broader context, six of India's top ten export markets, including the US, UAE, and China, saw contractions.
The US remains India's largest export destination, followed by the UAE, Netherlands, and UK. Imports from most top partners increased, with notable exceptions in oil-exporting countries due to falling petroleum prices.
India's total imports grew by 3 per cent year-on-year to USD 64.3 billion in August. A significant factor in import growth was an 80 per cent increase in imports from Switzerland, primarily driven by gold.
This data reflects the complex interplay of global economic factors affecting India's trade relationships, particularly with China.
The contrasting trends in exports and imports underscore the ongoing challenges and shifting dynamics in international commerce, highlighting the need for adaptive trade strategies in an evolving global economic landscape.
(KNN Bureau)
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