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Commerce ministry examines import surge from Singapore

The Ministry of Commerce & Industry is examining the unusual 118% surge in India’s merchandise imports from Singapore in 2018-19 to US$ 16.3 billion. Consequently, India’s trade balance with Singapore, shifted from a surplus of US$ 2.7 billion in 2017-18 to a deficit of US$ 4.7 billion last fiscal.

 It is being feared that Chinese goods are being diverted through Singapore due to duty concessions offered under a free-trade agreement. “The scrutiny of any potential violation of the rules of origin (of the imported products) is being tightened,” a source said. The maximum spike in imports (which stood at 158% rise year-on-year to US$ 3.1 billion) was in electrical machinery and parts, sound recorders and TV images etc.