TMI BlogTrade Deficit with ChinaX X X X Extracts X X X X X X X X Extracts X X X X ..... Trade Deficit with China - News and Press Release Dated:- 27-2-2013 - News - After witnessing positive growth of 38.93 % in 2010-11 and 28.21 % in 2011-12, India s bilateral trade with China in first nine months of 2012-13 (April-December) have seen a decline of 11.60 % when compared to the same period in 2011-12. India s exports to China, during this period, declined by 25.10 % while imports from China recorded a decline of 7.7% when compared to April-December, 2011-12. Since our imports have been more than the exports to China, it has adversely impacted the trade deficit with China. Details of bilateral trade in goods and trade deficit with China during last three years is detailed below:- Table-1; Trade Deficit Statistics between India and China Value in USD Million Year Import Export Total Trade Trade Deficit 2009-10 30,824.02 11,617.88 42,441.90 19,206.14 2010-11 43,479.76 15,482.70 58,962.46 27,997.06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011-12 57,517.88 18,076.55 75,594.44 39,441.33 2012-13 (April-Dec) (P)* 41,381.07 9,721.54 51,102.61 31,659.53 (P)*Provisional (Source; DGCI S) The decline in exports can be attributed to decrease in the exports of iron ores, cotton raw including waste, plastics linoleum products, petroleum (crude products), electronic goods, drugs pharmaceutical products, transport equipments, gems Jewellary, chemicals allied products etc. The decline in imports from China can be attributed to decrease in the imports of machinery except electrical electronics, project goods, iron steel, transport equipment, gold, petroleum, crude products, non-ferrous metals, inorganic chemicals, chemical material products, machine tools etc. The decline in bilateral trade can be attributed to overall negative global sentiment because of economic recession and low demand all over the world. Ban of exports of iron-ore from Karnataka and Goa has also contributed to decline in India s exports to China. Total 110 countries (list attached as Annexure-I) are similarly placed where India has been losi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng in trade and commerce in respect of total trade data in April-December, 2012-13 when compared to the same period in 2011-12. The Government of India has formulated a strategy paper for diversifying the product basket as well as the traditional markets for exports from India. The strategy focuses on moving up the value chain in respect of traditional Indian exports of Engineering, Textiles, Gems Jewellery with special focus on non-traditional sectors like leather, electronics and chemicals where there is a lot of potential for export from India. Focus Market Scheme is designed for diversifying India s exports to different markets. A variant of this is the Market Linked Focus Product Scheme. Export to such markets is given benefit in the form of Duty Credit Scrip. The Government reviews performance of export sectors at regular intervals and takes remedial measures for providing incentives whenever needed to boost export. Incentives are provided in the form of duty credit scrip under the Foreign Trade Policy schemes such as Focus Product Scheme, Focus Market Scheme and Vishesh Krishi Gram Udyog Yojana. The measures announced in the annual supplement to Foreign Trade Policy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 5th June, 2012. (i) 7 new markets have been added to focus Market Scheme(FMS). These countries are Algeria, Aruba, Austria, Cambodia, Myanmar, Netheriand Antilles, and Ukraine. (ii) 7 new markets have been added to the Special Focus Market Scheme (Special FMS). These countries are Belize, Chile, EI Salvador, Guatemala, Honduras, Morocco, and Uruguay. (iii) 46 new items have been added to Market Linked Focus Product Scheme (MLFPS). This has the effect of including 12 new markets for the first time. (iv) MLFPS has been extended till 31st March 2013 for export to USA and EU in respect of items falling in Chapter 61 and Chapter 62. (v) 100 new items have been added to the Focus Product Scheme (FPS) list. (vi) 3 new towns have been declared as Towns of Export Excellence (TEE). These are Ahmedabad (Textiles), Kolhapur (Textiles), and Saharanpur (Handicrafts). (vii) Export of specified products through notified Land customs Stations of North Eastern Region has been provided additional incentive to the extent of 1% of FOB value of exports. This benefit is in addition to any other benefit that may be available under Foreign Trade policy in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of these exports. Incentives under chapter 3 of FTP in Dec., 2012 to be made effective from 1.1.2013. (i) 5 new markets have been added to Focus Market Scheme(FMS). These countries are Cayman Islands New Zealand, Latvia, Lithuania and Bulgaria. (ii) One new market i.e. Eritrea have been added to the Special Focus Scheme (Special FMS) (iii) 62 new items have been added to Market Linked Focus Product Scheme (MLFPS) (iv) 102 new items have been added to the Focus Product Scheme (FPS) list. (v) Simplification of Procedures: Telegraphic Release Advice (TRA). (vi) 2% Interest Subvention Scheme was earlier available only to Handloom, Handicrafts, SMEs and Carpets. In June, 2012, it had been extended to labour intensive sectors, namely, toys, sports goods, process agricultural products and readymade garments, in addition to the four sectors benefiting from the scheme earlier. (vii) Further, the scheme has been widened to include 134 sub-sectors of Engineering Sector w.e.f. 1st January, 2013. The validity of the scheme has been extended till March 31, 2014. Annexue I India trade with Countries having neg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative grwth in respect of total trade (VALUE in Million USD) 2011_12(apr-dec) 2012_13(apr-dec) COUNTRY Export Import Total Trade Export Import Total Trade Grwth % CHINA P RP 12979.39 44812.20 57791.59 9716.95 41203.04 50919.99 -11.89 SWITZERLAND 783.61 23667.87 24451.48 862.11 20064.28 20926.39 -14.42 SINGAPORE 12700.59 6564.39 19264.97 10530.78 5732.11 16262.89 -15.58 GERMANY 5976.25 12217.04 18193.29 5189.76 10881.35 16071.11 -11.66 INDONESIA 4441.26 11325.52 15766.78 3830.53 10645.85 14476.38 -8.18 HONG KONG 9350.85 8701.40 18052.25 8563.61 5680.89 14244.49 -21.09 NIGERIA 1967.83 10842.65 12810.49 2082.22 10141.82 12224.04 -4.58 BELGIUM 5334.07 7736.39 13070.46 3761.69 7539.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 11300.74 -13.54 U K 6530.25 6010.66 12540.90 6192.80 5036.58 11229.38 -10.46 AUSTRALIA 1647.13 11094.09 12741.21 1857.88 8971.67 10829.55 -15.00 SOUTH AFRICA 3479.46 7640.14 11119.59 3710.78 5707.60 9418.38 -15.30 ITALY 3706.24 4172.48 7878.73 3129.95 3909.64 7039.60 -10.65 TAIWAN 2596.54 4128.87 6725.41 2188.10 3292.14 5480.23 -18.51 ISRAEL 2906.59 1893.09 4799.68 2676.40 1718.66 4395.06 -8.43 SPAIN 2170.87 1398.03 3568.90 2076.35 1361.71 3438.05 -3.67 CANADA 1474.30 2262.84 3737.13 1462.61 1930.64 3393.25 -9.20 SRI LANKA DSR 3244.24 587.14 3831.38 2737.07 528.53 3265.61 -14.77 OMAN 798.26 2939.49 3737.75 1897.61 1356.19 3253.80 -12.95 SWEDEN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 609.96 1530.92 2140.88 487.48 1355.97 1843.46 -13.89 JORDAN 562.59 1091.31 1653.91 755.23 710.76 1465.99 -11.36 MOROCCO 270.89 1319.18 1590.07 310.79 1108.39 1419.17 -10.75 ALGERIA 625.01 1616.00 2241.01 803.22 490.72 1293.94 -42.26 FINLAND 225.26 1494.79 1720.06 224.16 816.84 1041.00 -39.48 MAURITIUS 1020.56 30.87 1051.42 983.78 23.44 1007.22 -4.20 AUSTRIA 255.44 820.86 1076.29 232.11 753.45 985.56 -8.43 NORWAY 267.69 709.19 976.88 173.93 780.69 954.62 -2.28 DENMARK 559.91 478.09 1038.00 512.13 394.61 906.74 -12.65 NEW ZEALAND 189.26 612.39 801.65 241.48 547.47 788.95 -1.58 GHANA 594.30 358.12 952.43 545.00 233.31 778.32 -18.28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BRUNEI 889.42 615.14 1504.56 27.10 749.12 776.21 -48.41 CZECH REPUBLIC 201.25 528.73 729.98 187.61 515.93 703.54 -3.62 SUDAN 572.15 364.32 936.47 590.25 106.33 696.58 -25.62 PORTUGAL 398.63 243.77 642.40 363.18 276.93 640.12 -0.36 BENIN 530.36 265.41 795.77 308.84 234.81 543.65 -31.68 AFGHANISTAN TIS 381.07 82.14 463.21 345.65 99.59 445.24 -3.88 ROMANIA 207.74 310.23 517.97 203.23 238.53 441.77 -14.71 HUNGARY 231.21 327.61 558.83 242.31 196.92 439.23 -21.40 TOGO 254.10 95.30 349.41 190.29 148.03 338.32 -3.17 MALTA 823.06 31.88 854.93 271.85 29.23 301.08 -64.78 SYRIA 404.64 91.09 495.73 218.78 79.03 297.81 -39.92 GRE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ECE 639.46 94.97 734.43 207.49 85.50 292.99 -60.11 PANAMA REPUBLIC 165.10 158.04 323.14 184.56 107.04 291.60 -9.76 BHUTAN 165.30 146.93 312.23 162.37 126.70 289.07 -7.42 DJIBOUTI 347.13 1.36 348.48 265.11 3.05 268.16 -23.05 LATVIA 71.59 127.37 198.96 75.61 59.09 134.70 -32.30 GEORGIA 93.82 52.03 145.85 88.80 45.72 134.52 -7.77 URUGUAY 111.86 25.15 137.01 109.13 22.93 132.06 -3.61 LITHUANIA 72.99 197.15 270.14 91.25 40.72 131.97 -51.15 GUINEA BISSAU 5.94 289.54 295.48 4.99 113.52 118.51 -59.89 UZBEKISTAN 68.85 48.94 117.79 88.93 21.27 110.21 -6.44 CROATIA 88.80 25.10 113.90 87.83 15.73 103.56 -9.07 MALDIVES 93.70 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17.44 111.14 92.56 5.12 97.68 -12.11 PUERTO RICO 75.39 23.58 98.97 78.53 17.65 96.18 -2.82 BURKINA FASO 62.77 18.15 80.92 57.30 12.95 70.25 -13.19 MALI 65.06 4.29 69.35 46.05 23.23 69.28 -0.10 GAMBIA 47.28 39.10 86.38 40.16 25.77 65.93 -23.67 TRINIDAD 58.45 203.68 262.13 58.66 3.53 62.19 -76.28 NETHERLANDANTIL 31.60 49.97 81.57 47.32 11.46 58.78 -27.94 REUNION 36.30 22.42 58.72 36.34 20.29 56.64 -3.55 CYPRUS 38.90 22.69 61.60 40.49 15.45 55.94 -9.18 PAPUA N GNA 27.66 118.48 146.14 22.48 30.82 53.30 -63.53 LUXEMBOURG 6.83 48.41 55.24 6.19 44.07 50.26 -9.01 NAMIBIA 48.83 8.57 57.40 41.33 6.57 47 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .91 -16.54 ALBANIA 9.16 92.54 101.70 13.31 30.01 43.32 -57.40 MAURITANIA 35.15 2.05 37.20 29.10 5.51 34.61 -6.95 MONGOLIA 14.77 21.52 36.29 21.97 12.15 34.13 -5.96 ARMENIA 25.99 5.45 31.44 29.96 1.16 31.12 -1.01 CUBA 28.39 3.21 31.60 26.76 2.95 29.71 -5.97 NEW CALEDONIA 37.33 7.17 44.50 10.18 18.35 28.53 -35.88 SEYCHELLES 25.78 1.73 27.51 22.07 1.67 23.74 -13.70 ICELAND 27.23 4.07 31.30 19.45 1.74 21.19 -32.29 CHAD 30.66 0.15 30.81 15.63 5.47 21.10 -31.51 GUYANA 17.39 7.65 25.04 16.94 4.03 20.97 -16.26 BELIZE 19.46 0.09 19.55 17.85 0.17 18.02 -7.82 LESOTHO 16.15 2.18 18.34 12.96 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.84 15.80 -13.81 SOLOMON IS 0.75 14.70 15.45 0.83 12.57 13.40 -13.29 GUADELOUPE 5.40 1.21 6.61 5.19 0.32 5.51 -16.68 BARBADOS 5.64 0.77 6.41 5.40 0.08 5.48 -14.48 MARTINIQUE 4.70 0.00 4.70 4.25 0.04 4.29 -8.76 MONACO 0.28 2.45 2.73 0.68 1.68 2.35 -13.90 ARUBA 2.27 0.03 2.31 2.13 0.12 2.25 -2.36 DOMINICA 2.00 0.22 2.21 1.52 0.39 1.91 -13.97 EAST TIMOR 4.22 22.08 26.30 1.55 0.10 1.65 -93.74 MACAO 1.26 0.42 1.68 0.84 0.63 1.46 -12.76 FR GUIANA 1.45 106.46 107.90 0.83 0.53 1.37 -98.73 FR POLYNESIA 11.49 0.02 11.51 1.35 0.01 1.36 -88.21 SAMOA 1.70 0.06 1.76 0.91 0.31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.22 -30.24 FALKLAND IS 0.58 2.35 2.93 0.00 1.10 1.10 -62.34 ST LUCIA 0.86 0.26 1.13 0.77 0.31 1.08 -4.74 BR VIRGN IS 0.91 0.33 1.24 0.40 0.53 0.93 -25.17 GUAM 1.27 0.01 1.28 0.70 0.00 0.70 -45.57 GRENADA 0.75 0.00 0.75 0.66 0.00 0.66 -12.19 AMERI SAMOA 2.03 1.25 3.28 0.14 0.46 0.60 -81.55 ST KITT N A 0.57 0.09 0.67 0.54 0.00 0.54 -19.65 PANAMA C Z 0.29 58.60 58.89 0.38 0.00 0.38 -99.36 CAYMAN IS 0.92 0.00 0.92 0.27 0.00 0.27 -70.23 ST VINCENT 0.24 0.00 0.24 0.23 0.00 0.23 -4.83 GIBRALTAR 221.64 0.06 221.70 0.22 0.00 0.22 -99.90 ANTARTICA 0.06 0.85 0.91 0.17 0.00 0. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 -81.33 MICRONESIA 0.20 0.20 0.17 0.00 0.17 -14.58 ANDORRA 0.24 0.03 0.27 0.09 0.02 0.11 -59.44 COCOS IS 0.74 0.03 0.77 0.05 0.00 0.05 -93.55 MONTSERRAT 0.28 0.00 0.28 0.04 0.00 0.04 -86.33 COOK IS 0.06 0.03 0.10 0.03 0.00 0.03 -67.41 ANGUILLA 0.12 0.14 0.26 0.03 0.00 0.03 -88.03 PITCAIRN IS. 0.06 0.06 0.01 0.00 0.01 -86.92 PACIFIC IS 35.02 0.01 35.03 0.01 0.00 0.01 -99.98 SAHARWI A.DM RP 0.16 0.16 0.00 0.00 0.00 -97.60 NEUTRAL ZONE 0.16 0.16 0.00 0.00 0.00 -100.00 WALLIS F IS 0.10 0.00 0.10 0.00 0.00 0.00 --100.00 Source: DGCI S This i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation was given by the Minister of State for Commerce Industry Dr. D. Purandeswari in written reply to a question in Rajya Sabha today. DS/RK (Release ID :92633) - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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