India’s Agriculture Ministry officials have marked 21 products wherein India can grab part of China’s market share in the wake of the COVID-19 outbreak. These are 21 agricultural products, including honey, potatoes, grapes, soya beans and groundnuts, in which Indian exports could benefit from trade restrictions against Chinese goods.
The total value of China’s global exports of these products amounted to $5,9 bln in 2018. India exported $4,5 bln worth of these commodities in the same period and could now have a chance to grab part of China’s market share.
“There may be opportunities for Indian exporters of agri-items, in case some countries impose restrictions on Chinese goods in response to outbreak of COVID-19. Opportunities may arise in case of other countries imposing import restriction on these tariff lines,” said an analysis of the impact of the virus outbreak on India’s agricultural trade, prepared by the Ministry of Agriculture and Farmers Welfare.
The report was submitted to the Finance Ministry last week, as part of a wider exercise to analyse the disruptions in global supply chains due to the COVID-19 crisis and chart a government response. Supply shortages and trade restrictions have already had a harsh impact on China’s total exports, which dropped more than 17% in January and February, in comparison to the previous year. Chinese imports fell 4% in the same period.