EU or European Market is one of the high-end exporting pathways/hubs for exporters at the global level to strengthen their economic values when it comes to India Import Export Data. To begin with, India is acknowledged as the ninth ranking trading partner with the EU Market. Cybex.in India Export data discloses the worth of overall trade to be 2.4%. Indeed, in 2017, foreign trade data (bilateral trade) displayed the total EU’s overall trade to be €115 billion. India import data 2006 reveals that India’s share of imports with the EU was €24.2 billion. In 2018, EU-India import value increased to €45.7 billion. Apart from this, India also exports to the EU market at a greater level. The latest India export data with Cybex.in disclosed that in 2018, India's export to EU cost was €45.82, negligibly higher than the import.
Hence, how are Indian exporters breaking through the EU Market?
Trade & Investment Agreement Vs. Free Trade Agreement
India and the EU have been in a closed-column import-export relationship. From Trade and Investment Agreement since 2007 to consistent negotiation on Free Trade Agreement, India has been thinking it through the profit very carefully. Indeed, India has recently remodeled Trade and Investment agreement according to which the countries are bound to promote bilateral trade. Meaning, agreeing to import and export specific goods without any barriers in all sectors.
On the other hand, due to observing the attainment of minimum profit through the Free Trade Agreement, India recently backed out from negotiating with the EU. Hence, it has been clear that India is solely focusing on profit rather than maintaining a long-term relationship with the EU partnering with ASEAN countries.
Production Cost Vs. Import/Export Duty
One of the major reasons why India’s largest exporters, according to India export data, are filling up profit is the high production cost. According to foreign trade, India is the sole exporter of processed petroleum oils and medication mixes in dosage. Therefore, these have high production value, which definitely reflects on the import/export duty put on during the export of these products from India to other countries. Hence, Indian exporters achieve a countable percentage of profit.
Does the EU market disagree with India’s contribution to foreign trade data?
Yes! In recent years, the EU market and India have put their opinions on the table. According to which, the EU states that India’s exports do not meet the standards of the European market. Not only this, but the EU has also taken steps for banning or rejecting products/commodities exported from India due to falling through.
Hence, it is very high-time for India to negotiate with the EU market and improve its commodities’ quality to correspond to the EU standards. Otherwise, the entire India import-export data will fall through without prior warnings.