China is an important trading partner for India with imports of $65 billion and exports of $15 billion in the period April 2018 to February 2019, recording an all-time high in exports and sharp decline in imports from China.
Trade balance between the two countries in the year 2017-18 was US$ 63.05 billion in favour of China, which has now shrunk to US$ 50.13 billion (from US$ 57.87 billion for the period April - Feb 2018-19).
In a statement, Dr K V Srinivasan, Chairman, Cotton Textile Export Promotion Council (TEXPROCIL) complimented Suresh Prabhu, Hon'ble Minister of Commerce and Industry & Civil Aviation for this path-breaking achievement in reducing the trade balance.
"Exports of cotton textiles had contributed to the reduction in trade deficit as export of these items during April-February 2018-19 had increased by 69 per cent (US$ 1,555 million) over the previous year similar period (US$ 919.76 million)", said Dr K V Srinivasan.
"Export of cotton textiles can increase further if the tariff disadvantage of 3.5 per cent to 10 per cent suffered by India in comparison to Vietnam, Pakistan, Indonesia, etc on textile products is addressed by making further special efforts", he added.
"Higher exports of cotton textiles including fabrics and made-ups can not only continue to significantly contribute to the reduction of trade imbalance but also lead to attracting investments from the labour intensive industries shifting out of China", he further added.