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FY23: India’s imports from China up 4.16%, Exports down 28%, Trade Deficit at $83bn

NEW DELHI: According to provisional data from the Commerce Ministry, India’s exports to China dippedbyabout28%to$15.32billionin 2022-23,whileimportsroseby4.16%to $98.51 billion in the last fiscal. The trade gap widened to a record high of $83.2 billion in FY23 as against $72.91billionin2021-22.

Due to plummeting exports, India’s bilateral trade with China showed a minor dip of about 1.5% to $113.83 billion as against $115.42 billion in 2021-22. This meant that the US emerged as India’s biggest trading partner in FY23 with a bilateraltradeof$128.55billion,asper theprovisionaldata.

However, there has been a major disparity in the trade figures put out by India and China. While China claimed that trade with India touched $103 billion in the first nine months of 2022, India’s data showed that bilateral trade with China was only $91billion.

In FY22, while Beijing claimed it was India’s largest trading partner, Delhi countered it by saying that the US was its largest trading partner, followedbyChina.

Trade experts claimed that the significant mismatch is most likely because of the under-invoicing of shipments by Indian importers to avoid paying import taxes. Underinvoicing of imports involves marking the stated value of imports below the actual value paid to the exporter abroad, reducing the import tax outgo.

India’s imports from a partner country cannot be equal to a partner country’s exports to India as export values of products generally reflect the market value or free on board (FoB), whereas imports include cost, insurance,andfreight(CIF),meaning the import value should be higher. However, it is the opposite in the case ofChina-Indiabilateraltrade.

Therefore, while the gap of $2 billion in India’s exports to China and its imports could be explained by this, $10 billion lower imports by India compared to China’s exports to Indiacannotbeexplainedbythis.

The above vessel has arrived on 18-04-2023 at MUNDRA PORT with Import cargo from LE HAVRE. Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

Mundra Port Sez

The above vessel has arrived on 18-04-2023 at MUNDRA PORT with Import cargo from LONDON GATEWAY PORT. Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

Gandhidham

The above vessel has arrived on 18-04-2023 at MUNDRA PORT with Import cargo from MONTREAL. Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

KANDLA-SEZ/GANDHIDHAM

The above vessel has arrived on 18-04-2023 at MUNDRA PORT with Import cargo from DURRES, ANTWERP, MANAUS, MONTREAL, CALDERA, LUBECK, COPENHAGEN, FREDERICIA, RAUMA, LE HAVRE, BELFAST, LONDON GATEWAY PORT, SOUTHAMPTON, DUBLIN, CORK, PALERMO, RODMAN, GDYNIA, GOTEBORG, GAVLE, STOCKHOLM.

Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

- Charges enquiry on land line - 619100

- IGM No./Item No./Destuffing point enquiries can also be done at our computerized helpline No.(079) 40072804

As Agents :

MSC AGENCY (INDIA) PRIVATE LIMITED

Gandhidham : Siddhi Vinayak Complex, Plot No. 1, Office No. 201-208, 2nd Floor, Ward - 6, Near Rotary Circle, Gandhidham - Kutch 370 201 Gujarat India. Tel : +91-2836-619100 to 616100 (Board)

E-mail : jatin.hadiya@msc.com, niraj.raval@msc.com, operator.gandhidham@msc.com

H. O. & Regd. Office : MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400 059 Tel : +91-22-66378000, Fax : +91-22-66378192, E-mail : IN363-comm.mumbai@msc.com • www.msc.com