Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

African Union becomes India’s fourth largest trading partner

PTI
Updated: June 11th, 2022, 21:50 IST
in Business, International
0
Highlights of Foreign Trade Policy 2023
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Johannesburg: The African Union is India’s fourth largest trading partner after the United States, China and the United Arab Emirates, propped up by diversification in Indian exports to the continent, a senior State Bank of India official has said at a seminar here.

With a share of 8.52 per cent in global trade, India’s total trade with Africa in 2019-20 was valued at USD 68.33 billion.

Also Read

Trinidad & Tobago

Trinidad & Tobago extends full support to India for UNSC permanent membership

4 hours ago

12 nations to get US tariff letters Monday: Trump

4 hours ago

“India has a negative trade balance with Africa, implying a dominance of imports over exports. In 2019-20, India’s trade deficit with Africa was valued at USD 9.1 billion, which accounted for nearly 6 per cent of India’s total trade deficit in the case of trade in goods,” Syam Prasad, CEO of State Bank of India in South Africa said on Wednesday.

In terms of bilateral trade, the African Union is one of India’s largest trading partners after the US, China, and the UAE, he explained.

India’s trade with Africa has been diversified from exporting mainly textile yarns to petroleum products, pharmaceutical products, chemicals and manufactured products, he asserted.

“At the same time, India’s import basket, though dominated by primary products and natural resources, is still diverse given the wide natural resource base in Africa,” he said.

Within the African Union, India’s top trading partner is Nigeria (20.91 per cent).  Ten countries account for nearly 60 per cent of India’s total trade with Africa.

Of them, India enjoys a positive trade balance with Egypt and Mozambique, while having a deficit with the rest of the countries.

Nearly 61 per cent of India’s imports from the African Union comprise fuels, mainly crude from Nigeria, Angola and Algeria.

This is followed by precious stones and glass (20 per cent) from Ghana, South Africa and Botswana.

Other imports include vegetables, metals and minerals that originate from various African countries such as Benin, Sudan, Zambia, South Africa, Morocco and Cote d’Ivoire.

“There is more diversity in India’s exports to Africa. About 20 per cent comprises fuels – including non-crude petroleum oil to Mozambique, Togo, Tanzania, Kenya and South Africa; chemicals (18.5 per cent), including pharmaceutical products to Nigeria, Egypt and Kenya; and machines and electricals (12.59 per cent) to Nigeria, South Africa and Egypt,” Prasad said.

Going forward, Prasad said SBI has been reinvesting its own capital into the continent for the past 25 years to expand its footprint in Africa.

“This has been bringing in dollars for investments in Africa through an indirect role in African trade by way of funding to South African banks through syndications by offering bilateral credit lines to multilateral institutions such as the Afri-Exim Africa Finance Corporation, and others,” he said.

“We offer bilateral lines in the form of trade loans to the other major banks present in African countries and also offer IFC-backed credit lines to the smaller banks and those present in smaller nations. The funding to these institutions indirectly reaches smaller corporates in the African nations, where direct reach would have been difficult,” the banker added.

India’s Consul General in Johannesburg Anju Ranjan said her consulate supported Indian businesses in South Africa on issues such as ensuring the safety of their investments, speeding up business visas and avoiding double taxation.

“Despite the advent of the COVID-19 pandemic and the global slowdown  in the past two years, trade between India and South Africa actually increased to where we have surpassed the target set by the leaders of the two countries by 111 per cent to USD 11.6 million,” Ranjan said.

The diplomat added that she was also very encouraged by the increase in application for new company visas.

PTI 

Tags: AfricaIndiaTrade
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Surya Sidhant Rath

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Keshab Chandra Rout

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019

Archives

Editorial

India’s Spy Shift

July 5, 2025

India’s espionage architecture is quietly shifting. The appointment of Parag Jain as the new chief of RAW comes at a...

Read more

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more

New Democratic Face

Zohran Mamdani
July 1, 2025

US President Donald Trump, who had comfortably defeated his Democratic rival Kamala Harris in the recent presidential election and exuded...

Read more

Proof To Vote

Vote
June 30, 2025

Months ahead of the Assembly polls in Bihar, the Election Commission of India (ECI) on 28 June launched a ‘special...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST