From 49% in 2013-14 to 51.6% in 2016-17, there is the increase in Indian exports and it is going to the top ten markets. The President of PHD Chamber of Commerce and Industry Mr Gopal Jiwarajka said addressing in a meet on Wednesday about Indian exports.
For the top markets the decline in the growth rate of exports was also minimal as compared with rest countries.
From USD 154.05 billion in 2013-2014 to USD 142.55 billion in 2016-17, for the top ten destinations, the volume of exports fell by 7.7%. In 2016-17, the rest countries saw a fall of 16.6 % in shipping volume and in 2013-14 reached USD 133.73 billion from USD 160.36 billion.
In 2013-14, the total merchandise exports of India also fell by 12% which is USD 314 billion to USD 276 billion 2016-17.
In 2016-17, there is an increase in Indian merchandise exports to the US to USD 42.33 billion from USD 39.14 billion in 2013-14, it means there is a growth of 8.1% though the entire exports growth saw a fall.
From USD 14.82 billion in 2013-14, by 31% in 2016-17 to USD 10.2 billion in 2016-17, there is also decrease in Indian shipments to China.
India exported goods to the US which includes consumer goods 53%, intermediate goods 29%, capital goods are 12% and raw materials are 6%.
From last few years, India and USA have continuously worked on increasing their intra-industry trade, said by Jiwarajka. In future there is a great scope for increasing trade with the US and by 2018-19 may reach up to USD 50 billion, he added further.
In a similar fashion like the US imports pattern, the product export pattern of India has grown tremendously as shown by the jump in trade figures.
In 2016-17, the shipments to UAE have reached to USD 31.3 billion from USD 30.52 billion in 2013-14 with a growth of 2.5%.
For Indian exports Hongkong is the third biggest destination. In 2016-17, the country’s exports to Hongkong grew 11.2 percent and reached USD 14.2 billion from USD 12.73 billion in 2013-14.
Further Jiwarajka said that in the current financial year Indian exports should reach USD 325 billion mark.