Recent Trends in India ‘s foreign trade
India's Trade PerformanceIndia’s merchandise exports reached a level of US $ 185.3 billion during 2008-09 registering a growth of 13.6 percent as compared to a growth of 29.1 percent during the previous year. Notwithstanding the deceleration of the growth in 2008-09, India’s export sector has exhibited remarkable resilience and dynamism in the recent years. Our merchandise exports recorded an Average Annual Growth Rate (AAGR) of 23.9 per cent during the five year period from 2004-05 to 2008-09, as compared to the preceding five years when the exports increased by a lower AAGR of 14.3 per cent. According to latest WTO data (2009), India’s share in the world merchandise exports increased from 0.8 per cent in 2004 to 1.1 per cent in 2008. India also improved its ranking in the leading exporters in world merchandise trade from 30th in 2004 to 27th in 2008. Box: 2.1 Export Target and Achievement during the last five years The Government had initially set an export target of US $ 200 billion for 2008-09, which was later revised downward to US $ 175 billion because of global slowdown in the second half of the year. With merchandise exports reaching US $ 185.3 billion in 2008-09, the actual exports exceeded the target by 5.9 per cent which is a remarkable achievement during a period of recession in countries of India’s major export destinations. |
ExportsExports recorded high growth during the first half of 2008-09 although a deceleration was witnessed during the subsequent months due to global economic slowdown. During 2008-09 (Apr-Sept) exports grew by 48.1 per cent with almost all the major commodity groups, except marine products, handicrafts recording significant growth. In the second half of the year 2008-09 (Oct-Mar), exports declined by (-) 14.7 per cent with almost all the major commodity groups, except...