According to the Rudra Investment Best NCDEX TIPS Expert and Research Team, If trade war is faster between China and the US, then India can export soya bean, peanut, and oil meal to China. China has increased duty on America's oil meal and because of this. India hopes to improve its position on price."If this situation persists for a few days, due to the tariff, we will get the opportunity to export soybean, soya meal, and peanuts to China. If we do not have America, we will be in profit with the price.
China has imposed an additional 25% tariff on the import of soybean, chemical products, and medical equipment from the US. But the trade partners of its the Asia Pacific such as India, Sri Lanka, Bangladesh, South Korea and Laos have reduced tariffs on many agricultural products, including soybean.
Rudra Investment Best NCDEX TIPS Provider Said, "They were not first competing with soybeans and peanuts, but now we have the advantage over prices." For these reasons, the industry is expecting an export of about 100 million dollar soybean and about $ 50 million peanuts. Currently, no export of soybean oil to China is made by India, but some quantity of soybean oil is sent to China. China has a duty of 15% on the export of peanuts.
However, both the industry and the government are worried about the different obstacles from the tariffs, to which China's exports have been less so far. India is trying to increase exports to reduce its trade deficit with China. Along with this, India has also planned to strengthen its business relationship with the US.
A delegation of Indian officials is going to America next week. The delegation will include officers of the Commerce and External Affairs Ministry. It will interact with US officials on issues like high tariffs on steel and aluminum.
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