India plans to triple exports to Argentina
Jan, 31, 2019 Posted by datamarnewsWeek 201906
India intends to earn an additional US$1.5bn in export revenue by exporting apparel, textiles, folding bicycles and home furnishing products to Argentina. According to The Economic Times in India, the government believe high-end bicycles and bicycle products alone have a US$1bn export opportunity to Indian exporters with another US$300-500m from apparel and textiles industry.
Argentina’s imports from India valued US$708.7m in 2017-18, whereas export revenues reached US$2.2bn. India’s trade deficit is due to bulk imports, mainly soybean oil, petroleum, copper, sunflower oil, leather, wool, and ferroalloys. Argentina’s National Statistic Institute (Indec) data shows the country’s foreign trade balance trends with India since 2008:
Despite the trade deficit, Argentina imports more containerised products from India than it exports to India, including commodities such as vehicles and vehicle accessories, fabrics, staple fibers, and rubber. The following DataLiner graph shows Argentina and India’s container trade relationship for the last ten years:
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