NEW DELHI: "This growth of exports has been registered across all the regions including America, West Europe and Asia and Oceania," the commerce ministry said in a statement. India's exports touched $52.2 billion in 2002-03 as compared to $43.8 billion during 2001-02. In rupee terms, India's exports during 2002-03 are estimated at 2.53 trillion as against 2.09 trillion, indicating a 20.94 percent growth. "India has achieved this export growth at a time when the world economy was sluggish and even many of the developed countries were finding it difficult to achieve growth in their exports," the commerce ministry said. "As per the World Trade Organisation report for the calendar year 2002, India's export growth rate is the second highest (after China) among the 30 leading exporters and importers in world merchandise trade." With an aim to garner one percent share of global trade, India is striving for over 11 percent compounded annual growth during 2002-07. For 2003-04, India has set a target of over 12 percent export growth. Last year saw India's exports to China almost touch $2 billion. This marked a growth of 106.01 percent, take exporting to $1.96 billion, up from $951.95 million in the previous year. India's exports to Pakistan too grew by 42.92 percent at $205.81 million in 2002-03. This is estimated to be just one-fifth of the trade being done between the two countries through unofficial channels and third countries. Among other neighbouring countries, exports to Sri Lanka in dollar terms went up by 45 percent, to Nepal by 38 percent, and to Bangladesh by nine percent during 2002-03 compared to the previous fiscal. Exports to the U.S too witnessed a 27 percent rise with exports crossing the $10 billion mark, while exports to Japan grew by nearly 23 percent, South Korea by 36 percent, Thailand by over 12 percent, Singapore by over 46 percent, Indonesia by 54.75 percent and Australia by over 20 percent.
Source: IANS