China’s aggressive exports and predatory pricing have badly hit manufacturers and exporters in industries, including pharma, electronics, paper, steel, solar equipment, chemicals, rubber products, and plastics. The industry wants the government to keep a close watch on the industries and apply trade remedial measures to safeguard domestic manufacturing. While the global trade prospects remain bleak, China’s exports grew 8.
7 per cent in August to a 23-month high of $308.65 billion. The 8.
7 per cent value growth achieved after slashing the prices of goods indicates a huge surge in export volumes. “China is experiencing a slump in domestic demand, which is evident from several economic indicators, including credit demand and property sales. The excess capacity of industrial units is forcing China to cut the price and push products into the global market,” said Ajay Sahai, secretary general, Federation of Indian Export Organisations.
As the US, Europe, and other major markets are implementing trade remedial measures, including anti-dumping duties, Indian industry is also equally affected. Despite the ultra-low prices of goods, India’s imports from China rose 15.5 per cent to $10.
8 billion in August while exports declined 22 per cent to $1 billion. India, the second largest steel producer, saw finished steel imports from China reaching a six-year high at 3.7 million metric tonnes in the April-August period, while rolled steel imports went up 31 per cent.
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