The Economic Survey presented by the Finance Minister P. Chidambaram in the Parliament Wednesday expressed satisfaction over the strategy of market diversification
There has been significant market diversification in India's trade, it said.
Region wise, India's exports to Europe and America have declined to 18.7 per cent and 19.5 percent respectively in 2012-13 from 25.9 per cent and 24.7 per cent in 2000-01. On the other hand Export to Asia and Africa rose to 50.4 per cent and 9.6 per cent respectively from 37.4 per cent and 5.3 per cent respectively during the same period.
There was a noticeable rise in the share of West Asia -GCC (Gulf Cooperation Council) countries from 14.9 percent in 2011-12 to 17.7 percent in 2012-13 (April- November) said the Survey. However, the Survey noted that "in terms of product diversification a lot more is needs to be done."
The Survey also noted the impact of exchange rate changes on export growth. It said that while Export growth in dollar terms was negative at - 4.9 in 2012-13 (April-January), it was positive in rupee terms at 9.1 per cent. Though, here too, there was a deceleration from the 28.3 per cent in 2011-12 (full year).