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Vehicles, metals, seafood & pharma playing a key role in India’s international trade

 

The opening of China’s pharmaceutical market, and its decision to cut tariffs on Indian cancer drugs (which are in high demand in China as they are cheaper than Western cancer drugs) has propelled India’s pharma exports. The sector also witnessed high export to North American nations in Q3 2018.

 

The rise of exports of Indian two-wheelers, passenger and agricultural vehicles have resulted in a 36 per cent year-on-year (y-o-y) export growth in Q3 2018. Strong demand from regions of Latin America, Africa and surrounding countries like Nepal, Bangladesh and Sri Lanka have pushed the India-made vehicles to international markets, according to the Maersk Q3 India Trade Report.

 

Metal imports have seen 33 per cent y-o-y growth, on the back of metal scrap driving this growth from the North and West regions of India. In tandem, import of recyclables to India from the United States, Belgium, the United Kingdom and the Netherlands have witnessed significant growth since China’s crackdown on the import of solid waste—including recyclables—owing to environmental concerns, the report said.

 

Strong growth in reefer exports; and large increase in dry commodity imports

Though the export of meat was stagnant, the export of onions witnessed a 15 per cent growth and exports of shrimps grew by 20 per cent, thereby driving overall reefer exports by 27 per cent y-o-y. The demand for Indian organic food to the United States, the European Union, Canada, Israel and Vietnam played a part in India’s reefer export development.

 

Containerised imports of paper, metal and white goods have driven the import of dry commodities by 18 per cent y-o-y. The import of paper continues in Q3 2018 from the United States, Canada, the United Kingdom and South Korea with an increased demand from the FMCG and packaged food segments, the rapidly growing e-commerce industry and the run-up to the upcoming elections. The surge in paper imports has raised some concerns for local paper manufacturing players, and there is an evaluation of a potential three years anti-dumping on certain kinds of uncoated paper from Indonesia, Thailand and Singapore, as per the report.

 

Source : Exim News Service - Mumbai, Dec. 5

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