look news india
At present China is going through a serious economic situation. Moreover India's exports with this neighbouring country are declining rapidly as compared to other countries of the world.
India's exports with China in the month of August fell by 22.44 per cent to $1 billion, according to Commerce Department data, while total exports with the rest of the world fell by nine per cent to $34.7 billion. China is India's fifth largest export market. On the other hand, India's dependence on China has been seen increasing continuously. India is the largest exporter to China. India's imports from China grew 15.5 per cent year-on-year to $10.8 billion. The export figures for the month of August were extremely disappointing. However, trends of the last few months show that India's exports to China were mostly based on iron ore, marine products, copper and food items, among others. The Commerce Secretary said, the decline in demand is due to the geopolitical situation and logistics. While the second biggest reason for the decline in exports with China is that the neighboring country is currently facing an adverse economic situation. The fall in petroleum prices also seems to be derailing China's economic train. India's imports with China were largely dependent on electronic materials, industrial machinery, IT hardware and organic chemicals. Along with this, if the import and export figures of India are presented for the month of August, then a contraction was seen in the export figures with six out of the top ten countries of India.