Based on According to official data released by India, the range of products imported by India from China mainly includes watches, electrical appliances, furniture, toys, clocks, musical equipment, sporting goods, mattresses, plastic products, steel products, etc. The proportion of products imported from China reaches the total import volume of India. 14%. From April 2019 to February 2020, India’s total imports from China have reached US$15.5 billion.
Recently, an incident has been widely spread in the Indian foreign trade industry. That is, the Port of Chennai in India stopped customs clearance of all goods from China, and began to implement 100% inspection of all goods from China on the evening of June 22 (before that, it was random inspection). The move is seen as a move by the Indian government to impose restrictions on all goods from China at West Coast ports. The Port of Chennai is an important port for telecommunications components and equipment. Many Chinese companies import goods through customs clearance and then enter the Indian market.
India’s economy has been declining over the past year, and people have pinned their hopes on 2020. However, after the anticipated budget for the 2020-2021 fiscal year was released, many Indian economists believe that the budget only proposes a moderate increase in government spending and a small reduction in personal taxes, which will be difficult to turn the Indian economy from the most severe recession in a decade. Rescued from recession.
On the other hand, more than 35% of India’s foreign trade deficit comes from China, and it is continuing to expand. In November last year, India announced that it would not join the Regional Comprehensive Economic Partnership (RCEP) negotiated by 15 countries because of concerns about market access issues and fear that if cheap Chinese-made goods flooded India, Indian domestic industries would be hit hard.
As you can imagine, this year The Indian government will continue to reduce the space for Chinese imported products. Please pay attention to market risks when exporting to India!
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