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Stronger euro sees rise in exports to Germany
Friday, 02 January 2004, 20:30 IST
NEW DELHI: Thanks to the steady appreciation of the euro against the dollar, Indian exports to the European Union (EU), particularly Germany, have increased this year.
"The European currency euro has already made a mark among Indian exporters. The current trend indicates that a higher level of Indian exports will shift away from dollar invoicing," D. Kebschull, director of Indo-German Export Promotion Programme (IGEP), said here Wednesday.
With higher possibilities in Indian trade and industry, a double-digit increase of Indian exports to EU countries can be expected for 2004, Kebschull said.
During the calendar year 2003, Indo-German bilateral trade is expected to cross five billion euros (around 
260 billion) as against 4.94 billion euros (230 billion at earlier exchange rate) in the previous year.
Addressing a press conference, Kebschull said: "Given the shrinking turnover in Germany's retail trade and the world economy, this will be considered a big achievement."
While Indian exports to Germany are expected to grow four percent to 2.7 billion euros this year, imports have declined seven percent to 2.3 billion euros. This is mainly due to a steep increase in exchange rate of the euro.
According to Kebschull, India's exports to Germany are likely to grow further in 2004 as the strong appreciation against the US dollar is not as yet a real threat for the economic recovery of the Euro zone.
"A further appreciation of the euro cannot be excluded. It may go on in 2004, at least during the first six months," said Kebschull, adding that the trend would not affect the European Union's economic upswing.
In the current scenario, he added that the German and European market looked promising for Indian exporters in the new year.
Impacted by the hardening of the rupee, Indian exports overall have been recording a slower growth in the last few months as against the double-digit growth of last year.
Source: IANS
260 billion) as against 4.94 billion euros (230 billion at earlier exchange rate) in the previous year.
Addressing a press conference, Kebschull said: "Given the shrinking turnover in Germany's retail trade and the world economy, this will be considered a big achievement."
While Indian exports to Germany are expected to grow four percent to 2.7 billion euros this year, imports have declined seven percent to 2.3 billion euros. This is mainly due to a steep increase in exchange rate of the euro.
According to Kebschull, India's exports to Germany are likely to grow further in 2004 as the strong appreciation against the US dollar is not as yet a real threat for the economic recovery of the Euro zone.
"A further appreciation of the euro cannot be excluded. It may go on in 2004, at least during the first six months," said Kebschull, adding that the trend would not affect the European Union's economic upswing.
In the current scenario, he added that the German and European market looked promising for Indian exporters in the new year.
Impacted by the hardening of the rupee, Indian exports overall have been recording a slower growth in the last few months as against the double-digit growth of last year.
Source: IANS