New Delhi, Aug 11: InfodriveIndia.com reported on Monday, Aug 11 that imports from China have grown at a explosive rate of more than 100 per cent in many strategic sectors for the first quarter Apr-June 2008. Products imported from China with fastest growth rates and import value above US$ 50 millions are telecom, machinery, aluminum, tiles, tyres, fertilizers, cables, electrical products, chemicals and furniture.
Telecom topped the import chart with over USD 1450 million worth of imports with a growth rate of 42 per cent. Sensitive items like Pharmaceuticals reported a jump of 60 per cent. The trend revealed by InfodriveIndia.com export import trade statistics is alarming for India's domestic manufacturing industry, which is fighting a losing battle with cheap Chinese imports flooding Indian market.
InfodriveIndia statistics show trade volumes have grown fastest in Valves with imports up by a whopping 565 per cent. A runner-up in the fastest-growing import category is tiles and refractories, which grew at 292 per cent, machinery imports grew at 146 per cent, wires and cables at 124 per cent tyres imports were at 101 per cent.
"This provides concrete evidence of the ongoing shift in India market, where distributors of Indian manufacturing companies have become importers from China," said Mahipat Singh, Chief Research Associate for InfodriveIndia.com.
"So far, there are still few industries less affected to the extent than other industries. But as China move up the value-added chain and continue to offer attractive price points, imports growth rates which we now have seen may in the near term could grow at a more rapid pace," Mahipat added.
The report is subject to an unusually high degree of debate, cautions Mahipat. He says this is because InfodriveIndia numbers and DGCI and S Numbers do not tally.
DGCI and S of late was in news for declaring negative growth in export of garments after Quota regime was removed.
These findings are based on InfodriveIndia export import trade data through Apr-June-2008. InfodriveIndia trade data is the most up-to-date information on India's foreign trade , It covers 24 major ports in India like JNPT, Bombay air and sea , Chennai air and sea , Delhi IGI air, Delhi Tughlakhabad ICD, Delhi Patparganj, Calcutta air and sea, Bangalore air and many more.
InfodriveIndia.com trade data is available for online analysis within three weeks from date of export import at InfodriveIndia.com compared to Govt sources which are around three months old.