India's Export Share To Raise To 4% In 5 Yrs: FIEO | SupportBiz

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India's Export Share To Raise To 4% In 5 Yrs: FIEO

 
Exports in March fell 3.15 percent to USD 29.5 billion.

New Delhi: The apex exporters body FIEO on Saturday said it aims to increase India's share in world exports from 1.7 percent in 2013 to a 'respectable ballpark figure' of at least 4 percent within 5 years, according to reports.

"The global crisis of 2008, the subsequent sovereign debt crisis and continued recession in Eurozone reduced the global economy's average growth rate to around 3 percent, compared to 5 percent from 2005-07," said Walter D'Souza, Chairman (South Region), Federation of Indian Export Organisations (FIEO).

Speaking to reporters after inaugurating a seminar on 'Strategic Export Management' at nearby Hosur, he said India missed its export target for 2013-14. Shipments declined for the second straight month in March 2014 as demand from key markets failed to pick up.

Dip in gems and jewellery and electronics exports largely contributed to the fall, he said. Exports in March fell 3.15 percent to USD 29.5 billion, while overall shipments in 2013-14 increased 3.98 percent to USD 312.35 billion as against the target of USD 325 billion.

D'Souza said the trade deficit was however about 25 percent lower than the previous fiscal as imports declined due to a sharp fall in gold and silver imports, which fell by 40.2 percent to USD 33.46 billion in response to stringent restrictions.

Exports in April were valued at USD 25.63 billion, 5.26 percent higher in dollar terms than USD 24.36 billion in April 2013. Imports in 2014 were valued at USD 35.720 billion, a 15 percent negative growth in dollars, he said.

D'Souza said that as per IMF's World Economic Outlook, April 2014, global activity strengthened in the second half of 2013 and is expected to improve in 2014-15, with much of the growth impetus coming from advanced economies.

Global growth was now projected at around 3.6 percent in 2014, and 3.9 percent in 2015. "FIEO aims to increase India's share in world merchandise exports from 1.7 percent in 2013 to a respectable ballpark figure of say at least 4 percent in the next five years," he said.