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Exporting home grown deflation – EU claims China and India dumping shoes to European markets
India and China may be dumping shoes into the European market. It is not only shoes the booming go-go economies of China and India may be poised to export anything they can for foreign exchange reserves and positive balance of payments.
The European Commission said June 30 it will investigate claims made by European shoemakers that China and India are dumping footwear onto the European market. Chinese shoe exports to the EU rose 681 percent in the first four months of 2005, while prices dropped 28 percent. China dismisses the claims and says an investigation is unwarranted.
India has not made any comment on this matter. But the trend in China and India is clear. They would do anything to export anything they can to earn foreign exchange reserves.
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