Exports to Hong Kong up 99%, China 56% in Jan
New Delhi, Feb. 20 -- China, Hong Kong and Vietnam emerged as the top three growth centres for Indian merchandise exports in January, seeing a 56%, 99% and 45% annualised increase respectively, helping India to register a positive growth in the month despite a 22% contraction in exports to its biggest market America .
After Indian goods started attracting a 50% tariff on top of usual customs duties in the US market after August, exporters shifted their focus to two geographies, the eastern region with China as the fulcrum and the western region with Europe as focus, people with direct knowledge of the matter said, asking not to be named. The success of this diversification is evident in the latest data , they added.
The trade diversificatio...
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