UK’s Rubber import from India
UK’s Rubber export to India
UK's Rubber imports and exports with the World and India's relative position
The total trade between India and the UK in Rubber and articles thereof (HS Code - 40) has increased at a compound annual growth rate (CAGR) of 14.53% over the past decade. The total trade between these two nations was GBP 17.93m in the year 2000. This sector saw a drop, even in the value terms, as compared to the last year in 2009, when it dropped by 9.63%. The total trade touched the maximum value of GBP 67.28m in the year 2008. Recession did affect this sector as the growth saw a drop in the YOY growth rate both in 2008 and 2009. Total trade registered the highest growth rate of 39.27% in the year 2003 during the last decade. Both India and the UK have been neck to neck in exporting Rubber to each other during the early years of this decade. While UK had trade surplus in 2000 and 2003, India too managed to sneak in with some trade surplus in 2001 and 2002. However, India, later on, consolidated its position which saw accumulation in the trade deficit for the UK. India bettered UK by GBP 9.34m in the year 2008 even when the total trade between them fell by 9.63%. This shows that the affinity of Indian exporters in exporting Rubber and articles thereof (HS Code - 40) to the UK has increased over the past years.
Trade Growth and Declines
- The exports of Rubber and articles thereof (HS Code - 40) from the UK to India in the year 2009 stands at GBP 25.73m while that of Import from India to the UK was at GBP 35.07m.
- UK’s import from India has seen a robust growth in the past decade as the YOY growth rate touched double digits more often than not.
- UK’s import from India witnessed the maximum growth rate in the year 2001 as compared to the last year when it grew by a significant 30.0%. However, it saw a slump in the growth rate in consequent years.
- The import from India since then took off slowly but surely till it got exposed to the recession in year 2008 and 2009, when the growth rate fell to 16.36% and -6.53% respectively from the higher growth rates in the preceding years.
- UK’s export to India dropped by one fourth of its value in the year 2001. However, since then it showed a positive trend till 2008 barring 2005.
- UK’s export to India saw the highest growth rate in the year 2003 when it grew by 76.89% from GBP 8.33m to GBP 14.74m.
- UK’s export to India grew at a CAGR of 12.04% over the last decade.
- Whereas, the UK’s import from India grew faster at a CAGR of 16.76%.
- UK’s total import of Rubber and articles thereof from the world stood at GBP 2.756b in the year 2009.
- Recession hit the UK’s imports from the world as the growth rate fell from 11.75% to 9.98% in 2008 and it went down drastically to -11.75% in 2009. However, the effect of recession was minimal on the UK’s import from India as the growth rate fell by -6.53% in 2009, nearly half of the drop witnessed by the world.
- India’s share in the UK’s import has steadily increased over the last decade. The share which was 0.47% in the year 2000 increased nearly three folds to 1.27% by the year 2009.
- UK’s total export of Rubber and articles thereof to the world was GBP 1.829b in year 2009, which dropped by 8.44% as compared to the last year’s export at GBP 1.99b.
- UK’s export to the world did fairly well as compared to India during the recession period. This is corroborated by the fact that the exports to the world fell by 8.44% in 2009 against a 13.55% drop in India’s case.
- UK’s export of Rubber and articles thereof (HS Code - 40) to the world grew at a CAGR of 1.00%; lower than the UK’s import from the world which grew at a CAGR of 5.00%.
- India-UK corridor has outclassed the world’s trade in Rubber and articles thereof (HS Code - 40) over the last decade.
- The CAGR of the UK’s total imports from India was three times the CAGR of total imports from the world.
- Similarly, the CAGR of the UK’s total exports to India grew 12 times faster than the UK’s exports to the world.