India's exports may be around $320 billion during the current fiscal as against the target of $360 billion due to the global demand slowdown, the Federation of Indian Export Organisations (FIEO) said on Friday.
India had recorded its highest ever exports of $307 billion in the last fiscal. But the economic crisis in the developed economies is hitting India's exports. "The target of $360 billion is likely to elude us. Going by the present trend, we may end up with exports of $300-320 billion in the current fiscal," FIEO president M Rafeeque Ahmed told reporters in New Delhi.
During the April-November period of this fiscal, the country's shipments shrank by 5.95 per cent to USD 189.2 billion. Ahmed also said present forecasts point to a difficult 2013 due to uncertainties in 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 region-wise exports, he said while exports to EU went down by 9.6 per cent in April-October 2012 over the same period last year, exports to ASEAN and North-East Asia declined substantially.
"Contrary to popular perception, India's exports to North America went up by 12.5 per cent 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 $24.6 billion and $8 billion respectively during the first seven months of the fiscal from $21.8 billion and USD 7.23 billion in the same period last year, he said. Exports to Africa and CIS region grew by 11.12 per cent and 19.45 per cent to $15.24 billion and $2 billion respectively during the period.