UK’s Pearls, precious or semi-precious stones and metals’ imports and exports with the World and India's relative position
UK’s Pearls, precious or semi-precious stones and metals’ import from India
UK’s Pearls, precious or semi-precious stones and metals’ export to India
The total trade between India and the UK in Pearls, precious or semi-precious stones and metals (HS Code - 71) has decreased at a modest compound annual growth rate (CAGR) of 1.65% over the past decade. The total trade between these two nations was GBP 1.025b in the year 2000. The total trade has increased and decreased at every alternate year during the past decade. The highest total trade between these two nations was at GBP 1.909b in the year 2008 when it grew by its best growth rate of the decade i.e. 49.14%. However, recession hit this sector tremendously. The total trade reduced to more than the half of what it was in year 2008. Recession saw a drop of whopping 53.73%, the total trade reduced to GBP 880m from close to GBP 2b.
The negative CAGR can be attributed to the single factor i.e. recession. Pre recession the total trade between the two nations grew at a steady CAGR of 8.08% from GBP 1.025b in the year 2000 to GBP 1.909b in the year 2008. Total trade registered a negative YOY growth rate of 3.20%, 9.03%, 11.08% and 6.45% on four occasions.
This corridor has been dominated by the UK for the whole of this decade. UKs import from India in Pearls, precious or semi-precious stones and metals (HS Code - 71) was at GBP 137.87m in 2000 whereas it was GBP 887.73m the other way round. Contribution of UKs export to India of the total trade over the last decade was at a staggering 85.20%. UK has always seen the trade surplus for the last decade. The deficit for India was the highest at GBP 1.463b in the year 2008. This reduced by more than 70% during the year of recession i.e. 2009. Henceforth, India dint saw an immense drop in its business, cutting and finishing of metals, in 2009. It impacted both the sides abruptly.
- The exports of Pearls, precious or semi-precious stones and metals (HS Code - 71) from the UK to India in the year 2009 stands at GBP 652.59m while that of Import from India to the UK was at GBP 230.68m.
- UKs Import from India has seen a zigzag pattern over the last year.
- UKs import from India registered the lowest growth rate of -15.15% in the year 2007.
- The highest growth rate, 38.59%, in UKs import from India was registered in the year 2003. UKs import from India showed the second best growth rate in the year 2006.
- Recession dint hit the UKs import from India instead it grew by 12.08% in 2008 as compared to a drop of more than 15.15% in the previous year. The growth slowed in the following recession hit year, 2009, when it grew by a lowly 3.58%.
- UKs import from India grew at a CAGR of 5.89%.
- The highest growth rate showed by the UKs export to India was in the year 2008 when it grew by a staggering 55.95%.
- The export to India dipped in the value terms in the years 2002, 2004, 2006 and 2007 when it showed negative growth rates of 4.12%, 9.17%, 16.57% and 4.65% respectively.
- Recession shook this sector and it devastated the UKs export figures to India. UKs export dropped by a mammoth 61.30%. A drop of value of more than a GBP 1b made sure that the CAGR for the whole decade goes into red i.e. -3.36%.
- Barring this recession torn year, UKs export to India saw a decent CAGR of 8.35%.
- UKs total import of Pearls, precious or semi-precious stones and metals from the world stood at GBP 9.337b in the year 2009, when it dipped by a significant 7.35% over the last year.
- UKs import from the world hit badly by recession during recession as it dipped by 7.35% in the year 2009, the second highest percentage drop in the last decade. On the contrary, India performed exactly opposite as it registered a modest increase in the growth rate 3.58% in the year 2009.
- Indias share in the UKs total import from the world has increased over the last decade. Indias share was 1.74% of the UKs total import from the world. It increased to 2.47 in the year 2009. The share was highest at 2.86% in the year 2003.
- UKs total export of Pearls, precious or semi-precious stones and metals to the world stood at GBP 8.077b in the year 2009, when it dipped by more than 28%.
- Recession hit the UKs export to the world badly. The UKs export showed a negative growth rate of 28.11%, in the year 2009. Whereas, UKs export to India outperformed the exports to the world by showing an unbearable negative growth rate of -61.30% in 2009. UK exported lesser to India as compared to what it exported to rest of the world.
- Indias share in the UKs export has always been significant over the whole decade; thanks to the Indian core competency of finishing of metals.
- Indias share in the UKs export has started from 14.20% in the year 2000. It hovered around that share for the whole decade until recession hit the ground. This saw the share plummeted to 8.08, nearly half of what it was a year ago i.e. 15.01% in the year 2008.
- UKs export of Pearls, precious or semi-precious stones and metals (HS Code - 71) to the world grew at a CAGR of 2.81%; way higher than the CAGR, -3.36%, of the UKs export to India. However, the poor exports figure to India was purely due to recession.
- UKs import of Pearls, precious or semi-precious stones and metals (HS Code - 71) from the world increased at a CAGR of 1.83%, whereas the UKs import from India grew at a higher CAGR of 5.89%. This shows that UKs affinity to import from India has increased in the recent times.