India improves export ranking

India improves export ranking

New Delhi: India improved its ranking by two notches to become the 26th largest exporter in the world in 2007 from 28th in the previous year, before eruption of global food and financial crises in 2008.

In imports, the country stood at 18th position last year as against 17th in 2006.

China, the fastest growing economy in the world, displaced the US from being the second largest exporter in the world in 2007 (calendar year), according to the World Trade Organisation (WTO) statistics.

While Germany retained the first rank among exporters, China is coming closer and may even emerge as the world’s top exporting nation in the near future, if it continues to maintain the double digit export-led economic growth.

Value of India’s exports was $145.3 billion in 2007, as against 120.3 billion dollar in 2006.

China was way ahead with exports of $1.2 trillion in 2007, compared with $968.9 billion in 2006.

Germany increased its exports to $1.32 trillion in 2007, as against $1.11 trillion in the previous year. The US exports stood at $1.16 trillion in 2007, as compared with $1.03 trillion.

The share of Brazil and India in world exports, is still about 1%, while China’s share is approaching 10%.

“Weakening demand in developed countries, realignments in exchange rates and fluctuations in the prices for commodities, such as oil and gas, introduced uncertainties into the global markets in 2007. As a result, growth in world merchandise trade slipped to 6% in real terms, down from 8.5% in 2006," the WTO said.