Business Daily from THE HINDU group of publications
Tuesday, Dec 18, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 18, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Foreign Trade ‘Trade surplus with Singapore declines after economic pact’ 
Our Bureau New Delhi, Dec. 17 India’s trade surplus declined to $600 million in 2006-07 as against $1.3 billion in 2004-05 before the free trade agreement (FTA) was signed with Singapore. Contradictory to being trade surplus, the first four months of the current fiscal recorded India’s trade deficit with Singapore at over $300 million. After the Comprehensive Economic Cooperation Agreement signed between the two countries in August 2005, India’s trade surplus with Singapore has shrunk, according to a FICCI report. If the same rate of deficit continued, India might end up with a trade deficit of $1 billion for the full year of 2007-08, observed the Chamber. ImpactThis has been mainly due to duties being eliminated and reduced on a large number of products by India for imports from Singapore. According to a FICCI statement, of the top-20 imports from Singapore in 2006-07, 14 items were from the category of immediate duty elimination for which India eliminated tariffs right from the day of implementation (August 1, 2005) for imports from Singapore. Among India’s top-20 imports from Singapore that were included in the immediate duty elimination list, substantial growth was witnessed in cellular phones and personal computers (including laptops). Imports of cellular phones from Singapore recorded a growth of over 300 per cent in 2006-07, while imports of computers jumped by more than 250 per cent. The Chamber estimates that India’s imports of such items from Singapore have risen from $1.2 billion to over $2 billion between 2004-05 and 2006-07. More Stories on : Foreign Trade
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