Indian exports to China have been continuously increasing every month since April. According to government data, an increase of 33% was seen in September and 42% in October. This increase has been recorded at a time when America’s tariff on Indian goods has been fully implemented. Goods worth 1.46 billion dollars were exported in September, which was 1.09 billion last year.
In total, more than $10 billion worth of goods have been sold to China from April to October, which is 25% more than the same period last year. The fastest increase was in Spain, where an increase of 43% to 151% was seen. At the same time, China became the second fastest growing market. Earlier the country’s exports were more to America, because money was more and easily available there. Now America first imposed a Liberation Day tariff of 10%, then a 25% reciprocal tariff and also imposed a 25% penalty on those buying oil from Russia.
Export worth 693 million dollars to China
In such a situation, the sale of petroleum products i.e. oil products like petrol and diesel more than doubled. From April to September, oil products worth $1.48 billion were sold to China, last year the export was only $693 million. Telecom instruments i.e. mobile parts and network goods increased by 276%, reaching $778 million. America had imposed 50% tariff on marine products like lobster, they are now being sold in China at good prices, and there has been an increase of more than 20%.
Why did this rise occur?
According to the report of Hindustan Times, expert Abhishek Rastogi has said that all this is the result of trade diversification. Earlier everyone used to run after America, now new markets of Asia and Europe have opened up. There is a lot of demand for industrial oil in China, Indian petroleum products are being sold rapidly there. India’s place in the supply chain of mobile and electronics is also getting stronger. According to the expert, all this increase has happened because our exporters were earlier only after America. But as soon as America imposed a retaliatory tariff of 25% from August 7 and then imposed a 25% tariff on those buying Russian oil from August 27, our traders thought that now a new way had to be found.
In such a situation, people started looking for customers in old and new countries in Asia and Europe and as a result, there has been a huge increase in selling goods to China. Petroleum goods increased the most, i.e. oil products like petrol and diesel. From April to September, $1.48 billion was sold to China, last year it was only 693 million. That means more than doubling, a jump of 112% has been observed. Telecom goods i.e. mobile and network parts increased by 276%, reaching $778 million.
Export of marine goods like lobster and fish to China has reached 659 million dollars. On one hand, America had tried to close the doors for India, but Indian businessmen opened new doors and started exporting goods to different countries. India has become much stronger due to this trade diversification.
