Rising imports from Hong Kong: A new worry for India

Rising imports from Hong Kong: A new worry for India

NEW DELHI: India is preserving an in depth eye on rising imports from Hong Kong after it emerged because the nation’s sixth largest import associate in FY20, a steep rise from quantity 13 in FY18. A authorities official mentioned this sudden soar is below scanner as China is seen routing exports by way of Hong Kong.

India’s imports from Hong Kong had been $17 billion within the earlier fiscal, with electronics, telecom gear and pc {hardware} being virtually $eight billion of the full.

Twisted-Trade

It is a sharp rise from $10.67 billion imports in 2017-18 and a worrying pattern of China altering its export routes at the same time as India seeks to cut back its import dependence on China. Commerce steadiness, which turned deficit with Hong Kong final 12 months, has widened in FY20. Whereas India’s commerce deficit with China has been narrowing for the final two years, the commerce hole with Hong Kong was $6 billion in 2019-20 in comparison with a $four billion surplus in FY18, official information confirmed. “There have been import surges from many Asian international locations together with Hong Kong. That is below scrutiny,” mentioned an official.

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