India Set To Achieve Highest Ever Exports To China This Fiscal; Touches $12.7 Billion During April-December 2018

India is set to achieve the highest-ever exports to China in the current fiscal after its exports to the neighbouring country showed increase after several years, said Ministry of Commerce and Industry, reports News Today Net.

India’s export to China reached $12.7 billion during April-December 2018. The growth in exports was on account of marine products, plastics, chemicals, petroleum products, rice and grapes.

“India’s exports to China have grown after several years. India is set to achieve its highest ever exports to China this fiscal year. Between April-December 2018, exports were $12.7 billion which is closer to last year’s exports of $13.33 billion,” said a statement from the Ministry of Commerce and Industry.

Furthermore, the ministry has identified and shared with Indian exporters and stakeholders the specific items where the United States (US) is expected to lose competitiveness in China and India could fill the resulting gap. Similar steps have been taken for Indian exports to US.

Several Business to Business (B2B) meetings were held with Chinese buyers facilitated by the Indian Embassy in Beijing, the ministry said in a statement.

Indian exporters face regulatory challenge sin China, to address which the ministry had signed three protocols with the latter last year.

“India is hopeful of soon signing protocols for export of Indian soybean meals, cakes and pomegranates to China in the near future, as these are in advanced stages of discussion,” read the statement.

The statement also mentioned ongoing discussions between India and China for early announcement of latter’s import quotas for sugar and rice for 2019 so that Indian exporters are able to plan their exports well in time.