India's exports to U.S. record significant growth

Friday, 13 September 2002, 19:30 IST
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India's exports to the U.S. have been buoyant this year, despite the general slowdown in global trade.

NEW DELHI: During January-June, Indian exports to the U.S. were worth $5.5 billion against $4.7 billion in the corresponding period last year, a growth of 16.7 percent, according to the commerce ministry. "This strong growth trend confirms that Indian exports to the U.S. have been buoyant during 2002, despite continued stagnation and decline in world-wide exports to the U.S. and the general slowdown," the commerce ministry stated Thursday. Indian exports to the U.S have grown in nine out of ten items including gold and diamond jewelery, iron and steel, marine products, pharmaceuticals and carpets. While total imports of the U.S. declined 5.7 percent during the first half of this year, imports from India have shown an increase. Only four other countries have increased their exports to the U.S. during the same period. These include China with 15.39 percent, Malaysia 4.15 percent, Sweden 2.13 percent and Ireland 21 percent, according to an official statement. So far this year, India is the 19th largest exporter to the U.S. with a 1.02 percent market share compared to 0.82 percent last year. Overall, the U.S. continues to be India's largest trading partner and export destination. Indian merchandise exports to the U.S. last year were worth $9.7 billion, while imports were $13.5 billion. Indian imports from the U.S., however, dipped 0.97 percent during the first half of the year from $1.91 billion to $1.89 billion. IT and software exports from India to the U.S. are estimated to be growing at 20 to 24 percent this year and are projected to touch $5.7 billion during 2002-03 fiscal beginning April. Present trends indicate that Indian merchandise exports to the U.S. could be at least $11 billion up from $9.7 billion last year, while IT and software exports will touch $5.7 billion against $4.8 billion in 2001. India hopes its exports to the U.S. will touch $16.7 billion this year compared with $14.5 billion in 2001. The two-way trade last year, including software exports, was $18.3 billion.
Source: IANS