Mumbai: India is eyeing the Chinese market that has been left vacant by the US owing to the trade tensions between the two world's biggest economies. India has prepared a list of commodities that it can export to China as a replacement of US.
India which is currently in USD 63 billion trade deficit with China has short-listed 40 commodities that it is capable to replace US trade market share with China, said the person on anonymity. China is also India's largest commercial partner.
Government has directed its concerned departments to identify goods where it has a clear advantage in exports over US, and the study shows that it has identified at least 80 more items that can replace US exports to China owing to higher import duty Beijing has imposed on products originating in the US. The Commerce Ministry has asked the embassy in China to create chances for Indian exporters interested in export of such items in Chinese markets.
The Trump administration had recently announced 10 per cent tariffs on an additional USD 200 billion worth of Chinese imports. However, it is too early to say that India can have immediate gains from the trade dispute of the two giant economies.
(With input from Agencies)