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Chinese goods worth Rs 20K Cr lying at ports
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SME Times News Bureau | 25 Sep, 2020
Inflow of Chinese goods could see a rise in the October-December quarter
as items worth about Rs 20,000 crore -- primarily comprising
electronics and electrical items, gifts, toys, footwear, home and
kitchen appliances -- still lie at the Indian ports waiting for
clearance.
The traders and importers who had placed their orders
in November and December last year are yet to receive a chunk of their
consignments. The unprecedented delay in delivery is due to the shutting
down of Chinese borders in January and February, followed by the
coronavirus pandemic and the subsequent lockdown in India which lasted
for about two months beginning March 25.
Official data reveal
India's imports from China during the April-August period of the current
financial year stood at $21.58 billion-a drop of 27.63 per cent,
compared to the corresponding period in the previous year.
"Chunks
of orders placed by our traders in December last year are still to
arrive. The goods have not yet reached as China was initially closed due
to coronavirus and subsequently from March 25, India went into a
stringent lockdown for about two months. So, a great deal of Chinese
goods -- essentially electronics and electrical items, gifts, toys,
footwear, home and kitchen appliances -- still lying at the ports. Thus
there could be a slight increase in the inflow of Chinese goods in the
coming quarter," Praveen Khandelwal, secretary general, Confederation of
All India Traders (Cait) said.
However, Khandelwal said that traders have not placed fresh orders with China for these items since March.
India's moves to shun Chinese goods
India's
growing clamor to reduce imports from China -- especially cheap
electronic and electrical items including mobile phones, home
appliances, gifts and toys -- will deal a big blow to the dragon. While
India has initiated talks with manufacturers in the other countries
including Vietnam, Taiwan and South Korea besides boosting its own
indigenous production to meet the demand, the boycott -- China move will
be hit the smaller unorganized Chinese manufacturers more.
"Losing
a chunk of a huge market like India is not going to be a very happy
thing for China," an industry analyst, who refused to be identified
said.
It needs to be mentioned here that the imports of raw
materials have not been hit despite rising tensions between the two
countries, especially after the Galwan Valley clash. These include the
critical active pharmaceutical ingredients (API) required for production
of medicines and other items used for such finished goods as
automobiles.
In 2017-18, India's inward shipment from China
accounted for 16.4 per cent of its total import basket. In 2009-10, the
figure was just 10.7 per cent. However, since then it has eased a
little. In 2018-19 imports from China accounted for 13.69 per cent.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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