Merchandise exports to the US have seen a growth during the first five months of 2002, despite continued stagnation or decline in worldwide exports to the US. The exports grew by 15.8 per cent from January to May 2002 as against the corresponding period in the past year.
According to figures released by the US department of commerce to the Confederation of Indian Industry (CII), India witnessed a second highest growth in exports to the US, next only to Ireland.
Ireland, with a 17.9 per cent growth in exports this year, outpaced others, due to export of anti-depressants/tranquilisers and cardiovascular medicines.
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Exports to the US could touch $11 billion by the year-end as against $9.7 billion in the past year. In May 2002, the exports to the US grew by 26.7 per cent (as compared to May 2001), even though the average growth was less than one per cent.
All the top 10 export items to the US witnessed growth during May. The exports of diamonds and gold jewellery grew by 48 per cent, iron and steel by 156 per cent and pharmaceuticals by 411 per cent.
Exports to the US by 20 of the top 25 exporting countries have declined during the period Jan-May 2002. India and China are among the five countries that have bucked that trend. While China