Indian Export Rises, Trade Deficit Soars
U.K. on the other had reported a trade deficit as their imports from the non-European countries rose as compared to their exports to these countries. Chris Williamson, Chief Economist at Markit, said, “The longer term outlook is one where 2012 looks set to be a challenging year for U.K. exporters.”
Talking about India, “The growing trade deficit of $184.9 billion is a cause of concern,” said Mr M. Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO). He also said that the deficit could be bridged with increasing exports and so the government should provide lower rate of credit and also provide marketing support to micro and small enterprises through Export Development Fund.
