In what cannot be a good news for Indian economy, Indian exports to Europe have been on decline in last couple of years while no decline has been reported about Indian exports to US.

New Delhi, Dec 18/Nationalturk-Indian exports to Europe have been on decline in last couple of years while no decline has been reported about Indian exports to US.

“It has been the endeavour of India to encourage both product diversification and market diversification of its export. Indian Government has identified certain markets under the Focus Market Scheme (FMS) in the Foreign Trade Policy.  Such identified markets include countries from Africa, Latin America, CIS and ASEAN,” Indian  Minister of State in  Ministry of Commerce and Industry Dr E M Sudarsana Natchiappan told Rajya Sabha, upper house of Indian parliament.

‘Indian exports to US have not declined’

The minister said Indian exports to US have not declined in the previous three years.

He said India exported  56.06 US  billion dollar worth goods and products to Europe in 2011-12 and this figure dropped to 56.06 billion dollars in 2012-13.

“Similarly India exported goods worth 34.74 US billion dollars to America in 2011-12 and this figure increased to 36.16 in 2012-13,” the minister added.

“The exports to Europe had shown slight decline in 2012-13 over 2011-12,” the minister said and  attributed it to global economic crisis, sovereign debt crisis in Europe and the economic slowdown in the developed economies which adversely affected demand for Indian exports.

He, however, said exports to European countries in 2013-14 have shown improvement. “In the first 7 months of current fiscal year 2013-14, exports to Europe and US has increased in comparison to the corresponding period last year”.

Write your comments and thoughts below

Asian News/ NationalTurk India News