india- china , world trade contribution
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A comparison of India and China in
terms of contribution of
international trade
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Indias total merchandise tradeincreased over two-fold from
US$312bn in FY2007 to US$792bn
in FY2013
Decline in exports during
2012/2013 due to decline inglobal import demand
Trade-GDP ratio increased from
32.7% inFY2007 to 43% in FY2013
Exports-GDP ratio increased from13.4% in FY2007 to 16.3% in
FY2013
Share of India in world
merchandise export1.6% in
2012; Rank19 (up from 26th in2007
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Asia
51%
Europe
19%
North
America
13%
Africa
10%
Latin
America4%
CIS &
Baltics
1%
Others
2%
India's Exports 2012-13(in %)
Source: MoCI
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54
38
34
30
24
20
17
16
15
14
0 20 40 6
China
UAE
Saudi Arabia
Switzerland
USA
Iraq
Kuwait
Qatar
Indonesia
Germany
36
3614
14
12
11
10
9
7
6
0 10 20 30 40
UAE
USA
Singapore
China
HongKong
Netherlands
Saudi Arabia
UK
Germany
Japan
Indian Exports FY 2013 US $ bn Indian Imports FY 2013 US $ bn
Source: MoCI
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155
62
33 31 3019 17 14 13 12
Indias Imports FY 2013
US $ bn
56
47
24
2114 14
10 97 7
Indias Exports FY 2013
US $ bn
Source: MoCI
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Exports Imports
China India China India
Merchandise 1 19 2 12
excluding EU 2 13 3 7
Services 5 8 3 7
excluding EU 3 5 3 5
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Oil Prices
Oil accounts for 30% of India's import bill, but the country produces only
25% of its domestic requirement.
Demand for oil continues to rise in a growing economy with annual
imports rising by 10% but domestic production up by only 2% over the
last seven years
Gold
India consumes a quarter of the global gold demand of 4,000 tonnes, and
spends about 12% of its import bill on the metal.
Despite a doubling of import duty on the metal recently, the purchase ofgold continues unabated: India imported a whopping 850 tonnes of the
yellow metal in 2012.
POLICIESExports, on the other hand, have slowed down, leading to the
deficit.
Led by burgeoning info-tech revolution at home, India's export of serviceshas grown at a rapid clip in the past decade.
But the global slowdown has hit service exports: $36bn (23.7bn) in the
last quarter, down from $37bn (24.3bn) in the same period the previous
year.
There has also been a marked decline in exports of engineering goods,
textiles and iron ore.India has financed the latest $33bn CAD by a combination of debt ($21bn)
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exports of iron ore are suffering
Allegations of corruption in the allocation of iron ore mines and slow regulatory
processes, including environmental clearances, have nearly crippled the industry.
In an ideal situation, either all ore available should be processed in the steel plants toenhance value added exports or a certain portion of ore should be allowed for
export.
There is also a case for curbing non-productive imports like gold.
Hiking import duty has not helped much because of Indians' insatiable craving for the
yellow metal.A public awareness programme against gold consumption
ndia needs to step up domestic energy production by pushing shale gas excavations,
new oil field explorations and renewable energy sources like wind.
Power outages are impacting growth:
Consumer confidence is low and could impact consumption:
http://www.businessinsider.com/indias-power-outages-2012-7http://www.businessinsider.com/indias-power-outages-2012-7