29.5 percent cumulative export growth in India between April-Dec 2010-11 (Part I)

February 25th, 2011 - 5:20 pm ICT by ANI  

Pranab Mukherjee New Delhi, Feb.25 (ANI): The Economic Survey 2010-11, presented by Finance Minister Pranab Mukherjee in the Parliament today, states that India’s cumulative export growth between April-December 2010-11 stood at 29.5 per cent with cumulative exports reaching 164.7 billion US dollars during this period.

The exports continued to rise at the rate of 13.6 per cent in 2008-09.

Current indications are that India will not only achieve the target of 200 billion US dollars but surpass it in 2010-11.

During 2010-11 (April-December) import growth was at 19 per cent accompanied by an increase in both, petroleum, oil, and lubricant (POL) and non-POL imports at 17.7 per cent and 19.6 per cent respectively.

Trade deficit (on customs basis) increased by 2.4 per cent to 82 billion US dollars in 2010-11 (April-December) from 80.1 billion US dollars in the corresponding period of the previous year.

With import growth slowing down from October 2010 and exports picking up in November 2010, it was feared that the high current account deficit due to high merchandise trade deficit is disappearing.

The Survey observes that the direction of India’s trade with USA, which was in first position in 2007-08, has gone down to third position in 2008-09, with the UAE becoming India’s largest trading partner, followed by China.

Export-import ratios show that among its top 15 trading partners, India had bilateral trade surplus with five countries, UAE, USA, Singapore, the UK, and Hong Kong in 2009-10 and the first half of 2010-11. India’s export-import ratio in the case of China is not only low but has been stagnant at around 0.3.

While India ranked 21st in world merchandise exports in 2009 compared to China in the first position, in commercial services exports it ranks 12th compared to China at fifth rank.

Services exports reached 106 billion US dollars in 2008-09 with a moderate growth of 17.3 per cent over the previous year but declined to 95.8 billion US dollars in 2009-10.

The share of software services declined to 45.7 per cent in the first half of 2010-11 from 50.8 per cent in the corresponding period of 2009-10.

Non-software services exports, which had registered a high negative growth of - 41.2 per cent in 2008-09 increased their share to 29.5 per cent with high growth of 56.9 per cent. (Cont.)

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