New Delhi16 minutes agoAuthor: Bhim Singh
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The change in international trade due to the Kovid-19 epidemic seems to be leaning in India’s favor. India’s exports crossed the pre-Covid level in the first quarter of this financial year. Last quarter, the country exported Rs 7,03,545 crore, which is 25% higher as compared to Rs 5,62,813 crore in the same period of 2019. This is 81% more than last year. Whereas during this period the import has increased by only 2.88% from the pre-Covid level.
Exports almost doubled in 1 year
All figures in crores, Source: Ministry of Commerce
Countries like Europe and America cut imports from China
Due to displeasure with China, countries like Europe and America have reduced imports from there under the China + 1 policy, while they are increasing imports from India. So far this year, China’s share of total US imports has come down to 28% from 35% in the same period during 2020. On the other hand, India’s share in the US import market increased from 7% to 9.1% during the same period.
Textile exports from India to America increased
According to the US Department of Commerce’s trade body Otex, while textile exports from India to the US grew by 66.69% annually in the first five months of 2021, it was only 0.62% in the case of China. Sharad Kumar Saraf, former president of the Federation of Indian Export Organizations, says that a large number of export orders to China have been shifting to India for a few months now.
Western countries, especially Europe, do not want to import from China. They are importing only those things which are not available in countries like India. Research Head, LKP Securities S. Ranganathan says that due to the China + 1 policy of Western countries, the exports of Indian companies are increasing.