Nathula Trade season comes to a close, exports expected to cross Rs 40 cr

Gangtok, 29 Nov:

The 13th season of Indo-China border trade via Nathula came to an end today with the volume of trade in exports reaching Rs 37.50 crore. Trade had commenced this year on 01 May and was to continue till 30 Nov but since the last day is a non-trading day, trade was closed a day in advance. Trade will commence next on 01 May, 2019.

The closing ceremony of trade this season was organized by Tibetan traders at Rinchengang, TAR China. This ceremony is organized in reciprocal manner. More than 50 Indian traders participated in the closing ceremony which was presided over by senior officials from Tibetan Autonomous Region and Tibetan traders.

Superintendent of Customs posted at the Indo-China border at Nathula, S. Lakra, informed SummitTimes that this year, volume of trade in exports was Rs. 37.50 crore till the end of Oct and the number is expected to cross Rs 40 crore once the final trading accounts come in.

He also informed that till the end of Oct, volume of trade in imports stood at Rs 2.76 crore and is expected to cross Rs. 3 crore after accounting the volume of the whole trading season.

There has been a rise in imports compared to the last three seasons while exports have doubled in the last two seasons, he said.

The Indian traders have imported mostly six items - carpets, readymade garments, blankets, shoes, jackets and quilts while they have exported more than 13 items [Vegetable Oil, Rice, Processed Food, Canned Food, Textiles, Copper items].

This trading season around 750 Indian traders participated in the border trade.

During the closing ceremony, Secretary Commerce & Industries, SK Pradhan, along with Joint Secretary, Commerce & Industries, N Jaswant, represented India and offered khadas to their counterparts at the Indo-China border gate whereas officials from TAR was represented by Senior Customs officials.