|Subject||Chinese Industrial Parks in India to fill trade gap : FIEO|
Mumbai : Mr M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO) while commenting on the key pact signed to bring Chinese industrial parks to India by the Commerce Minister Ms Nirmala Sitharaman when she flagged India's concerns over the trade deficit which averaged over USD 35 billion a year stated that global exports totaled an estimated US$18.36 trillion in 2012, up 2.82% from $17.86 trillion and the International Monetary Fund’s World Economic Outlook Database gave the total Gross Domestic Product for all countries amounted to $83 trillion in 2012 of which exports accounted for about 22.1% and China’s exports are 11.2% of global exports.
Therefore, setting up of an industrial park by the Chinese in India may enable India to move into an higher export level since we do not figure even in the top 15 countries which contribute to 60% of the world Export in 2012.
At present, China’s top 15 trade partners that imported the most Chinese shipments by dollar value during 2013 include: Hong Kong: (17.4% of China’s total exports); United States: (16.7%); Japan: (6.8%); South Korea:(4.1%); Germany (3%); Netherlands (2.7%); United Kingdom: (2.3%); Russian Federation: (2.2%); Vietnam: (2.2%) while India figured tenth with (2.2%). Over two-thirds (69.1%) of Chinese exports in 2013 were delivered to the its top 15 trade partners.
FIEO Chief stated that the industrial park will attract the leading companies with internationally benchmarked technology, economy of scale, tie ups for marketing and will result in development of ancillaries which all augur well for Indian exports. Mr Ahmed said that trade deficit with China, which accounts for about one third of overall deficit, can be curbed through aggressive exports strategy recognising the fact that China will emerge as the biggest market for Indian exports by 2020.
Source : dailyshippingtimes.com
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