India’s $1.2 trillion economy grew 5.8 percent in the three months to March 31, brushing off the global slowdown t
hat has dragged Korea into recession. Singapore’s exports to India excluding oil products more than doubled in the two years after they signed a similar accord in 2005, turning the city state’s deficit to a surplus, according to Indian Commerce Ministry data. “South Korea is looking to expand its presence in India with its vibrant economy and 1.2 billion population,” said Myong Jin Ho, a researcher at the Institute for International Trade in Seoul. Bilateral trade between India and South Korea rose 39 percent last year to $15.6 billion. South Korea exported $3.6 billion of goods to India, and imported $1.6 billion in the first six months of this year. India’s growth puts more money into the hands of consumers in a country where almost 30 percent of the population is under 15 years of age. Younger people tend to spend more on vehicles, phones and other consumer goods.
Car Demand
India will eliminate or reduce tariffs on 85 percent of South Korean exports over 10 years, Korea’s Trade Ministry said. These will include auto parts, tankers, electronic goods, machinery parts and synthetic rubber. South Korea’s cuts will cover about 90 percent of Indian exports, including polycarbonates, leather, industrial diamonds, gasoline and corn for livestock. Hyundai, which operates an auto plant near Chennai in southeastern India, sold 244,030 vehicles in the country in the year ended March 31. The largest South Korean automaker gets 55 percent of sales from emerging markets including India and China, where car demand has withstood the global slowdown. LG Electronics, the world’s third-largest maker of liquid- crystal-display televisions, also has plants in India to make consumer appliances and personal computer monitors.
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hat has dragged Korea into recession. Singapore’s exports to India excluding oil products more than doubled in the two years after they signed a similar accord in 2005, turning the city state’s deficit to a surplus, according to Indian Commerce Ministry data. “South Korea is looking to expand its presence in India with its vibrant economy and 1.2 billion population,” said Myong Jin Ho, a researcher at the Institute for International Trade in Seoul. Bilateral trade between India and South Korea rose 39 percent last year to $15.6 billion. South Korea exported $3.6 billion of goods to India, and imported $1.6 billion in the first six months of this year. India’s growth puts more money into the hands of consumers in a country where almost 30 percent of the population is under 15 years of age. Younger people tend to spend more on vehicles, phones and other consumer goods.Car Demand
India will eliminate or reduce tariffs on 85 percent of South Korean exports over 10 years, Korea’s Trade Ministry said. These will include auto parts, tankers, electronic goods, machinery parts and synthetic rubber. South Korea’s cuts will cover about 90 percent of Indian exports, including polycarbonates, leather, industrial diamonds, gasoline and corn for livestock. Hyundai, which operates an auto plant near Chennai in southeastern India, sold 244,030 vehicles in the country in the year ended March 31. The largest South Korean automaker gets 55 percent of sales from emerging markets including India and China, where car demand has withstood the global slowdown. LG Electronics, the world’s third-largest maker of liquid- crystal-display televisions, also has plants in India to make consumer appliances and personal computer monitors.
For further details visit as : http://www.bloomberg.com/apps/news?pid=20601080&sid=ap3tczwlJ9zA
