【JINDI NEWS】Sino-Indian trade cooperation upgrade
On April 25-26, the two-day 2019 Indian Fasteners Professional Exhibition was held at the Mumbai Convention and Exhibition Center. The exhibition also held the Indian BLECH and sheet metal technology exhibition at the same time. The exhibits included industrial fasteners, construction fasteners, installation systems, fastener production technology and equipment. The exhibition attracted 204 exhibitors from all over the world. The exhibitors mainly came from India, China, Taiwan, Germany, Korea, Japan, etc., mainly based on fastener companies. Among them, there are more than 60 companies from mainland China.
The first day of the exhibition attracted many visitors to the exhibition, most of them from electronics, metal products, energy and power, aviation, automotive, communications, furniture and other industries. Buyers are mainly local Indian traders, and some purchasers of fasteners such as gaskets and rivets are also purchased. In the 2018 Global Competitiveness Report released by the World Economic Forum, India scored 62.02 points, a record high. This shows that India's global competitiveness is rising rapidly. With the rapid development of the Indian economy, India's demand for fasteners is also rising rapidly, especially in the field of automotive and infrastructure construction.
According to statistics from the United Nations database, in the past five years, the number of fastener imports in India has basically increased year by year, especially in 2018. In 2018, India imported 268,394,280 kilograms of fasteners, an increase of 27.55% compared with 2017; imports even exceeded the $1 billion mark, an increase of 43.08%; the average unit price of imports was 4.31 US dollars / kg, an increase of 12.18 %. In contrast to export data, in the five years from 2014 to 2018, the export volume of Indian fasteners fell to 254,192,702 kilograms in 2015, and remained in the range of 2.3-250 million kilograms in 2016-2018. In 2018, the export volume of Indian fasteners was 253,730,257 kg, an increase of 7.77%; the export value was 579,815,786 US dollars, an increase of 18.94%; the average export price was 2.29 US dollars / kg, an increase of 10.36%.
By comparing the import and export of Indian fasteners, it can be seen that the demand for fasteners in India is currently very strong. At the same time, the Indian fastener industry is in a stage of rapid development, and the industrial chain has taken initial shape. More than 70% of fastener manufacturers are concentrated in Ludhiana, where manufacturers of raw materials, molds and consumables, surface treatments, heat treatments, and fasteners are concentrated.
As an important auto parts manufacturing center in the world, India has replaced Germany as the world's fourth largest auto market in terms of vehicle sales, and is expected to surpass Japan in three years to become the world's third largest auto market. According to one data, sales of commercial and passenger vehicles in India increased by 8.3% year-on-year to 3.99 million units in 2018, surpassing Germany's 3.74 million units. It is worth noting that in order to encourage electric vehicle manufacturers to assemble cars locally, the Indian government has decided to reduce the tariff on related parts from 15% to 10%.
In addition, Indian military workers have also changed from external procurement to manufacturing. In recent years, India has issued more than 300 defense production licenses to more than 200 companies, and a large number of private companies have begun to participate in military production. Among them, the well-known Indian company Tata Group has signed an agreement with the US Arms Company to plan the production of large quantities of F16 fighters.
With the rapid development of the Indian economy, the Indian government is also increasing investment in infrastructure construction, mainly in the areas of highways, renewable energy and urban transportation. According to the budget of the Indian government announced the fiscal year 2019-2020, the specific budgetary investment in some areas is as follows:
According to data released by the Ministry of Commerce, as of January this year, China is India's third largest export destination and the largest source of imports. Most of India's imports from China are industrial products, including high-tech products such as “electromechanical, electrical, audio equipment and accessories”, “fasteners” and “organic chemicals”. The category accounted for 62.5%. This shows that India's demand for Chinese fasteners is strong.
In China and India, in the "China-India" and "Dragon Elephant", trade has become more frequent and cooperation is deepening.
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