New Delhi, Dec 5 (IBNS) After witnessing positive growth of 33.27% in 2010-11 and 16.75% in 2011-12 respectively, India's exports to China in first half of 2012-13 (April-September) have seen a decline of 19.65% compared to the corresponding period in 2011-12.
This information was given by Minister of State for Commerce & Industry D. Purandeswari in written reply to a question in Rajya Sabha on Wednesday.
"Since our imports have been more than the exports to China, it has resulted in trade deficit with China," said the minister.
Purandeswari said the decline in exports can be attributed to decrease in the exports of Iron ores, other ores and minerals, plastics & linoleum products, dyes/intermediates and chemicals, petroleum (crude & products), electronic goods, ferro alloys, drugs, pharmaceuticals and fine chemicals, transport equipment etc.
"India's imports from China for April-September, 2012-13 reached US$ 28,028.24 million, recording a decline of 2.45% as compared to April-September, 2011-12. This decline can be attributed to decrease in the imports of machinery except electrical & electronics, iron & steel, transport equipment, artificial resins, plastic materials, non-ferrous metals, inorganic chemicals and gold."
"The decline in bilateral trade can be attributed to overall negative global sentiment because of economic recession and low demand from the US and Europe. Ban of exports of iron-ore from Karnataka and Goa also contributed to decline in India's exports to China," said the minister.
"There is no specific uncertainty on the future of India's trade relationship with China. However, both the sides are engaged to realize the target of bilateral trade of US$ 100 billion by 2015," Purandeswari said.