Following the global financial crisis, global trade picked up in fiscal 2010. However, Indian exports grew faster than global exports, according to commerce ministry data. The country changed its export destinations, slowly withdrawing from the still-sluggish US, and instead focusing on Asian destinations, including Singapore and the United Arab Emirates (UAE).
Consequently, India’s trade basket changed, too, with a greater focus on crude/ petroleum exports and less on gems and jewellery, a traditional Indian stronghold.Whether this was a deliberate strategy or not is debatable, but for now it seems to have helped keep Indian exports afloat.
Also See | Exports: A Changing Profile(PDF)
Graphics by Sandeep Bhatnagar/Mint