An Overview Of The Exports Business In India
Exports business India is coming out of the phase of depression, with most of its popular exports regaining a strong position in the global trading map. The credit for this should be given to the increase in manufacturing power and quality of good India export to the world.
The indian exporters are taking advantage of the growth of small and medium sized enterprises who are constantly improving the quality of main exported items. Also, the popularity of business directories and b2b marketplaces has contributed towards the rise in export. The following discussion provides an overview of the Indian export business.
What Latest Figures Say?
As per the reports the Indian export business witnessed a rise of 35 percent in May 2010 and stood up at an impressive figure of $16.1 billion. It was just a year ago that the Indian export figures dropped by 18 percent. The Indian trade deficit improved to $88.9 billion in the year 2009 from $121.4 billion in 2008. The first two months of the current fiscal year recorded a further improvement with trade deficit recorded as $10.4 billion.
Major Exported Items
Here is a list of major items exported by the Indian exporters to the world:
* Cotton apparels and textile goods are the most exported items from India. In 2009, almost 17 percent of the exported goods consisted of cotton apparels.
* Diamonds and other jewelry items from India are popular among various foreign markets. In 2009, the diamonds accounted for 14.5 percent of the total export, while jewelry items stood at 6.2 percent.
* Pharmaceutical preparations contributed 10.4 percent to the total export from India.
* Industrial organic chemicals, industrial machinery, tobacco, waxes and agricultural products are other top items exported by the exporters in India.
Fast Growing Export Items
Apart from those mentioned above, there are other items that are growing as fast exported items from India. Here are some of these items:
* Dairy products and eggs showed an increase of 199.7% from 2008 to 2009.
* The export of computers increased by 174 percent between 2008 and 2009 and is expected to keep on growing at a consistent rate.
* Precious metals worth $24.7 million were exported in the year 2009.
* Petroleum products and natural fibers like cotton and wool too experienced rise in their export in 2009.
* Nuclear fuels and military equipments were other major items that showed increase in their export by the Indian exporters in 2009.
Major Export Markets for India
The United Arab Emirates and the United States are the two major export markets for India, as various export items from India are in great demand in these two nations. In 2009, 12.3 percent of the total items exported by the Indian exporters went to UAE, while 11.7 percent went to the USA. China and Singapore are other major export markets that cater to the exporters in India.
The Indian exports industry is huge and it has the ability to cater to many markets around the world. The government in India is making all good attempts to make use of b2b marketplaces and SME sector to ensure a consistent growth rate of Indian exports.
by: Vaiv Jais