A 1% growth in the World Services Exports is a very impressive performance! The trick will be to keep it that way!
A robust growth in merchandise exports in 2005 has resulted in India’s share in world exports to inch up to 0.9% from 0.8% in 2004. In services, India’s performance has been more impressive with its share in world services exports increasing to 2.8% in 2005 from 1.9% in 2004.
India’s world ranking as a merchandise exporter has gone up one slot in 2005 to 29 from 30 in 2004. As a service exporter, India is now ranked 10th in the world compared to the 16th position occupied in 2004.
According to the World Trade Organisation’s ‘World Trade Report 2005,’ the country’s total exports during calendar year 2005 was $89.8 billion which was 19% higher than exports worth $75.6 billion carried out in 2004.
The country will have to sustain its growth momentum in the next three years if it wants to reach the commerce ministry’s target of a 1.7% share in world exports by 2008-09.
Services exports from India increased by a whopping 70% in 2005 to $67.6 billion from $ 39.6 billion in 2004.
The top six positions in world merchandise exports was maintained by Germany ($976 billion), the US ($904.3 billion), China ($762 billion), Japan ($595.8 billion), France ($459.2 billion) and Netherlands ($401.3 billion).
As per the report, India’s total imports increased to $131.6 billion in 2005 from $97.3 billion in 2004. Its ranking as an importer jumped to 17 during the year from 24 in the previous year.
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