India’s Cotton Textile Export Contributes to Reduction of Trade Deficit With China: TEXPROCIL
Date: 15-04-2019 5:28PM
Category: Business/ Finance, Clothing & Accessories, General, Consumer Interest, Economy, Govt. & Public Policy, Manufacturing Companies, Textiles
Location: Mumbai, Maharashtra, India
Business Wire India
|Dr. K V Srinivasan, Chairman, TEXPROCIL|
China is an important trading partner for India with an import of US$ 65.22 billion worth of goods and export of US$ 15.10 billion for the period April – 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, The Cotton Textile Export Promotion Council (TEXPROCIL) complemented Shri. Suresh Prabhu, Hon’ble Minister of Commerce and Industry & Civil Aviation for this path-breaking achievement in reducing the trade balance.
He pointed out that 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% (US$ 1,555 million) over the previous year similar period (US$ 919.76 million). Shri. Srinivasan pointed out that export of cotton textiles can increase further if the tariff disadvantage of 3.5% to 10% suffered by India in comparison to Vietnam, Pakistan, Indonesia etc on textile products are addressed by making further special efforts.
Dr. Srinivasan added that 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.
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