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Asean, Africa lucrative export destinations: Assocham

Asean, Africa lucrative export destinations: Assocham
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First Published: Mon, Sep 03 2007. 09 46 AM IST
Updated: Mon, Sep 03 2007. 09 46 AM IST
New Delhi: In the six years, between fiscal 2000 and 2006, India’s exports realization went up by 132% as against 195% import proceeds allowing Asean region to record a lead position with India’s export growing by 257% in it followed by 198% Africa, 197% and 193% WANA (West Asia and North Africa) and Latin America.
In South and North Asia region, exports growth took place by 183% and 158% followed by 117% in European Union and 84% in North America, according to an analysis on Region-wise Exports as carried out by Assocham.
The chamber has predicted that earlier signing of Free Trade Agreement with Asean could accelerate export growth by nearly 500% and with a little more focus Indian exports to Africa could go up to over 350% by 2010.
Top five products which recorded whooping exports growth for Asean region include precious and semi-precious stones, mineral fuels, mineral oils and waxes besides residues and waste from the food industries, nuclear reactors, boilers, machinery and mechanical appliances and electrical machineries.
Highest exports to Asean were because of semi and precious stones exports alone rose by 400% from 2000 to 2006 as against as many percentage for organic chemicals. Exports of mineral fuels and mineral waxes and mineral oils also rose significantly from $4.43 million to $2462.94 million.
Africa region recorded second highest growth in exports thanks to India’s focus export programme. This has great potential to yield further export realizations to the extent of 350% from around 198% in 2006. Top five products exported to Africa include pharmaceutical, cotton, nuclear reactors, boilers, mechanical appliances and vehicles and railway wagons and rolling stock.
In case of WANA and Latin America, India’s exports rose by 197% and 193% because these two regions had large demand for Indian organic chemicals, pharmaceutical products, apparel and clothing, vehicles, rolling stocks and cotton.
In EU, India’s export growth was to the extent of 157% only and major exports were of apparel and clothing, leather, leather products, handbags, electrical machinery, equipment and knitted products.
India will continue to give tough competition to China and other countries in the region for increased exports in South and North Asia. India did not do too well for still higher export realization because of SPS measures which in case of all European countries are very stringent and proved to be biased against Indian products for export purposes.
In case of North America, exports rose by a meager 84% as it has proved a traditional export market for Indian exports and their growth will remain gradually in it for many years.
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First Published: Mon, Sep 03 2007. 09 46 AM IST
More Topics: asean | africa | export | assocham | india |