China’s import expo results in $57.83 billion deals

Chinas import expo results in 57.83 billion dealsBEIJING: China’s first international import expo which concluded in Shanghai on November 10 resulted in deals worth USD 57.83 billion, official data said, with India among the 172 countries which participated in the mega event in the Chinese business hub.
The five-day expo was held amid criticism that China, the world’s biggest exporter of goods, imports far less from the rest of the world.

Deals for intended one-year purchases of goods and services worth a total of USD 57.83 billion were reached at the first China International Import Expo (CIIE), which concluded in Shanghai, state-run Xinhua news agency said quoting official data.
It also came in the midst of a trade war with the US, which has clamped tariffs on USD 250 billion of Chinese imports. Washington is demanding China cut down the trade deficit of USD 375 billion.

India too took part in the event by setting up a country pavilion highlighting its food and agro products, pharmaceuticals, IT and IT-enabled services, (ITES) tourism and services sectors, to gain market access to China.
Commerce Secretary Anup Wadhawan inaugurated the pavilion and held talks with Chinese officials to increase Indian exports to China to bridge the over USD 51 billion trade deficit.
Indian firm Jay Shree Tea & Industries Ltd signed a USD 1 million export contract with Chinese company COFCO (China Tea) for export of Indian black tea to China.
A total of 172 countries, regions and international organizations, and more than 3,600 enterprises participated in the event, which attracted more than 400,000 domestic and overseas purchasers, Sun Chenghai, deputy director of the CIIE Bureau, told a news conference in Shanghai.

Deals for high-end intelligent equipment reached over USD 16.46 billion, followed by USD 12.68 billion of food and agricultural products, USD 11.99 billion of automobiles, 5.76 billion dollars of medical equipment and health care products, USD 4.33 billion of consumer electronics and appliances, and USD 3.37 billion of apparel, accessories and consumer goods, Sun said, adding that the value of deals for services hit USD 3.24 billion.
Intended purchases with the Belt and Road Initiative (BRI) partner countries reached USD 4.72 billion, Sun said. PTI