India’s exports share to top destinations up 51.6% in FY17

The Dollar Business Bureau

India's share in overall exports to top ten destinations globally rose to 51.6% in the last financial year of 2016-17, as compared to 49% in the fiscal of 2013-14, industry body PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday. 

The major export destinations of India include the US, Hong Kong, Japan, the UAE, China, the UK, Singapore and Germany. 

The merchandise exports from the country to the US increased to $42.33 billion in 2016-17 from $39.14 billion in 2013-14, Gopal Jiwarajka, President, PHDCCI said in a statement. 

Around 53% of exports to the US are primarily consumer goods, capital goods, intermediates and raw materials. 

Similarly, the country’s exports to Hong Kong increased 11.2% to $14.2 billion in the last financial year. 

“Going ahead, we are hopeful that our exports will touch $325 billion mark in the current financial year,” Jiwarajka added.

According to the Government data, India’s overall exports worldwide increased by 4.7% to $274.65 billion, during the last fiscal - fastest pace in five years.

Previously, the exports grew at a fastest pace in 2011-12, recording a growth of 21.8%, however, the shipments were dropped in three out of the four financial years till 2015-16.

On month-on-month basis, the country’s exports had witnessed a falling trend during December 2014 to September 2016, on account of weak global demand and declining oil prices.

However, the negative trend for exports reversed in June 2016, when it increased 1.3% after a continuous decline for 18 months. But the shipments again declined by 6.8% in July and 0.3% in August 2016.

The Government is aiming to lift the country’s share in global shipments to 5% by 2020, from merely 1.6% now.