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India had recorded the highest ever export of USD 307 billion in the last fiscal. The prevalent economic crisis in the developed economies is hitting India's exports. "The target of USD 360 billion is likely to elude us. Going by the present trend, we may end up with exports between USD 300 - USD 320 billion in the current fiscal," FIEO President Rafeeque Ahmed told reporters here.
During the April-November this fiscal, the country's shipments have shrunk by 5.95 percent to USD 189.2 billion. He also said present forecasts point to a difficult 2013 as uncertainties are looming large on the European Union which will have its bearing on every country.
"The world trade forecast for 2013 is definitely better than 2012 but still is not very encouraging," he said. Talking about the country's exports region-wise, he said while exports to EU went down by 9.6 percent in April-October 2012 over the same period last year, exports to ASEAN, North East Asia declined substantially.
"Contrary to popular perception, India's exports to North America went up by 12.5 percent during April-October 2012 over the corresponding period in 2011 thanks largely to substantial growth in Exports to the US," he added.
India's exports to North and Latin America increased to USD 24.6 billion and USD 8 billion during the first seven months of the fiscal from USD 21.8 billion and USD 7.23 billion respectively in the same period last year, he said. Exports to Africa and CIS region grew by 11.12 percent and 19.45 percent to USD 15.24 billion and USD 2 billion
respectively during the period.
While, exports to ASEAN, Europe and Asia declined by 19.4 percent, 9.5 percent and 2.5 percent to USD 17 billion, USD 30.7 billion and USD 83.3 billion respectively during April-October 2012.
Ahmed asked the government to provide support to exporters to boost the country's shipments. "The long-term strategy for promoting exports would be to support export of high technology items, branded products and moving up the value chain in respect of all product categories," he said.
On rupee, he said that the volatility in rupee will continue on account of rising trade deficit and erratic inflows. "Rupee will strengthen only if we see massive inflows through FDI route," he added.
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