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Shri Kamal Nath, Union Minister of Commerce & Industry, has convened a meeting here on 11th December, 2004, with all Export Promotion Councils (EPCs), Commodity Boards and other concerned bodies with a view to pushing India’s exports, which are already on the upswing, to reach a level of US $ 75 billion during the current financial year 2004-05. The purpose of the meeting is essentially to review the country’s export performance in the light of the new Foreign Trade Policy (2004-09), which was announced by Shri Kamal Nath earlier this year and to discuss further steps as may be required to accelerate exports.
Meanwhile, disaggregated foreign trade data for the period April-July of this financial year 2004-05 shows that India’s exports to all major destinations have gone up by over 20% in US dollar terms. During this period, exports to EU, constituted 22% of India’s exports and registered a growth rate of 22.7%. Exports to USA accounted for 17.4% of India’s exports and registered a growth rate of 24%. Asia and Oceania accounted for 46.6% of India’s exports. Exports to this region registered a growth of 42.3%. Exports to China have registered a growth rate of 71.9%. Exports to the single largest destination in Asia and Oceania, UAE, registered a growth of 68.2%. Exports to Africa accounting for 5.8% of India’s exports registered a growth of 29.2%.
An export target of 16% growth corresponding to a level of $ 73.4 billion has been fixed for the year 2004-05 which is higher than the target for the last two years of 12%. This will help exports to reach a level of $ 150 billion in 2009-10.
According to the latest available aggregate data, India’s exports during the first seven months of current financial year 2004-05(April-October) have crossed US $ 40 billion. India’s exports during April-October 2004-05 are valued at US $ 40291.08 million (US $ 40.02 billion), which is 23.73% higher than the level of US $ 32564.32 million (US $ 32.5 billion) during April-October 2003-04. This is over and above the 7.05% export growth in April-October 2003-04 over April-October 2002-03.
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