However, our exports to Canada during the last few years have been growing significantly. During 1997-98, our exports to Canada grew by about 24% and the imports from Canada grew by about 43% over 1996-97.
During April-August 1998, India’s exports to Canada have grown up by 21%, whereas the imports from Canada have declined by about 8%, leaving the balance of trade in favour of India by Rs 137.82 Crores.
Composition of India’s exports to Canada:
Major items of export to Canada include garments, textiles, yarns, carpets, leather goods, minerals, bulk drugs, chemicals and allied products, handicrafts, engineering products, gems and jewellery, coffee, spices, etc.
Product-wise export analysis of the year 1997-98 shows that, textile items constituted more than 57% of our total exports to Canada. Other significant product groups were engineering products (9%), agricultural products (9%), chemical products (8%) and gems and jewellery (7%). These five product groups constituted more than 89% of our total exports to Canada.
Composition of India’s imports from Canada:
Major items of imports from Canada include rubber, paper, miscellaneous wooden products, pulses, crude minerals, leather, metal scraps, fertilisers, plastic material, newsprint, iron and steel, non-ferrous metals, project goods and electrical machinery.
During 1997-98, engineering products had a maximum share of about 33% in India’s imports from Canada. The other items accounting for large shares are newsprint/journals (19%) and agricultural products (14%). These three products constituted about 66% of the total imports from Canada.
Banking institutions in both the countries are also providing institutional linkages for potential investors and traders. The State Bank of India has three branches in Canada (Toronto, Vancouver and Surrey).
The Canadian Banks now present in India include, four branches of Bank of Nava Scotia (New Delhi, Mumbai, Coimbatore and Bangalore) and one branch of Toronto Dominion Bank (Mumbai).