*Chennai: India gets an economic blow from China as Delhi’s exports toBeijing have significantly dropped in 2019.*
According to the Maersk India Trade Report, India’s containerised exportsto China grew slower by 20 per cent in the June quarter against 222 percent growth in Q2 last year, Asian Age has reported.
This was mainly led by a a significant fall in the demand for India-madetextiles and apparel, recyclable plastic and rubber, which were largeexport commodities in the corresponding period last year. China had imposeda ban on import of recyclable plastics and rubber, highlightingenvironmental concerns and a desire to clean up polluted areas. Similarly,imports from China also dropped by 22 per cent against 6 per cent growthlast year.
China has also restricted import of certain types of waste paper due toenvironmental concerns. The restrictions led to a decrease in waste paperprices, in turn benefitting India, an importer of the commodity.
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“Reduced bilateral trade between the US and China has led to various shiftsin overall trade structures, with limited sourcing starting to shift fromChina to other countries such as Vietnam, Korea, Thailand, Bangladesh andMexico. India has thus far not been a beneficiary, however we would hopethat this will change,” said Steve Felder, Managing Director, Maersk SouthAsia.
