{"id":47838,"date":"2022-06-11T17:36:41","date_gmt":"2022-06-11T12:06:41","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=47838"},"modified":"2022-06-12T09:03:58","modified_gmt":"2022-06-12T03:33:58","slug":"africa-india-trade","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/africa-india-trade\/","title":{"rendered":"African Union is India\u2019s fourth largest Trading Partner"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3950819069\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The African Union is India\u2019s 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 in a seminar here.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2069969772\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>With a share of 8.52 percent in global trade, India\u2019s total trade with Africa in 2019-20 was valued at USD 68.33 billion.<\/p>\n<p>\u201cIndia has a negative trade balance with Africa, implying a dominance of imports over exports. In 2019-20, India\u2019s trade deficit with Africa was valued at USD 9.1 billion, which accounted for nearly 6 per cent of India\u2019s total trade deficit in the case of trade in goods,\u201d Syam Prasad, CEO of State Bank of India in South Africa said on Wednesday.<\/p>\n<p>In terms of bilateral trade, the African Union is one of India\u2019s largest trading partners after the US, China, and the UAE, he explained.<\/p><div class=\"trade-content_5\" id=\"trade-1025799231\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>India\u2019s trade with Africa has been diversified from exporting mainly textile yarns to petroleum products, pharmaceutical products, chemicals and manufactured products, he asserted.<\/p>\n<p>\u201cAt the same time, India\u2019s import basket, though dominated by primary products and natural resources, is still diverse given the wide natural resource base in Africa,\u201d he said.<\/p>\n<p>Within the African Union, India\u2019s top trading partner is Nigeria (20.91 per cent). Ten countries account for nearly 60 per cent of India\u2019s total trade with Africa.<\/p>\n<p>Of them, India enjoys a positive trade balance with Egypt and Mozambique, while having a deficit with the rest of the countries.<\/p>\n<p>Nearly 61 per cent of India\u2019s imports from the African Union comprise fuels, mainly crude from Nigeria, Angola and Algeria.<\/p>\n<p>This is followed by precious stones and glass (20 per cent) from Ghana, South Africa and Botswana.<\/p><div class=\"trade-content-10\" id=\"trade-3420874282\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Other imports include vegetables, metals and minerals that originate from various African countries such as Benin, Sudan, Zambia, South Africa, Morocco and Cote d\u2019Ivoire.<\/p>\n<p>\u201cThere is more diversity in India\u2019s exports to Africa. About 20 per cent comprises fuels \u2013 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,\u201d 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.<\/p>\n<p>\u201cThis 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,\u201d he said.<\/p>\n<p>\u201cWe 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,\u201d the banker added.<\/p>\n<p>India\u2019s 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.<\/p>\n<p>\u201cDespite 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,\u201d Ranjan said.<\/p>\n<p>The diplomat added that she was also very encouraged by the increase in application for new company visas.<\/p>\n<div class=\"trade-after-content\" id=\"trade-3689988067\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The African Union is India\u2019s 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 in a seminar here. With a share of 8.52 percent in global trade, India\u2019s total trade with [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[],"class_list":["post-47838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>African Union is India\u2019s fourth largest Trading Partner - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/africa-india-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African Union is India\u2019s fourth largest Trading Partner\" \/>\n<meta property=\"og:description\" content=\"The African Union is India\u2019s 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 in a seminar here. 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