India Beats China in Export Growth Rate
India has overtaken China in exports growth rate, recording an increase of 16.1% in 2011, topping the list of all major trading countries in the world, says a WTO report. “India had the fastest export growth among major traders in 2011, with shipments rising 16.1%. Meanwhile, China had the second-fastest export growth of any major economy at 9.3%,” the World Trade Report 2012 of WTO said. In 2010, China topped the list with shipment growth rate of 28.4%, while India recorded an increase of 22%.
According to experts, the Indian government and exporters want diversification of export markets, increasing the volume of India’s shipments. “The diversification of markets to Middle East countries, South East Asia and China have yielded good results for Indian exports,” said K. T. Chaco, Director of the country’s prestigious Indian Institute of Foreign Trade (IIFT). The Federation of Indian Export Organisations (FIEO) president, Rafeeq Ahmed, also said that the market and product diversification strategy has yielded positive results. After the economic slowdown in India’s traditional export markets – the US and Europe, the government has extended incentives to exporters to explore new markets, including regions like Latin America and Africa.