Indian exporters must expand their export basket and give maximum attention to the top twenty emerging markets, according to a senior official of the Union Commerce Ministry.
“While constantly upgrading the technology to emerge as leaders in the international market, the exporting community should give maximum attention to the emerging markets which are the fastest growing in terms of GDP,”” Ravi Capoor Joint Secretary in the Union Commerce Ministry said.
Addressing the EEPC India Eastern Region Award Function here, he said that countries in Africa, ASEAN, Latin America and CIS region are the major emerging markets and should receive maximum attention. The eastern region accounts for 15 per cent of total engineering exports.
Senior Vice Chairman EEPC T S Bhasin said that India has been able to sustain the slowdown and managed “decent” exports because of the efforts taken to diversify export markets, thus reducing dependence on traditional markets.
The country-wise analysis of India’s engineering export performance shows that the traditional markets like the U.S. remain in the negative zone, while an impressive performance is shown in exports to destinations to the UAE, Italy and Turkey. “While shipments to the U.S. were down by about 11 per cent for the April-October period in 2013, they were up 32 per cent for UAE and 10 per cent for Saudi Arabia.