India's exports will pick up from July onward and may touch the $185-billion-mark in FY10 on the back of diversification of exports to countries in Latin America, Africa and Asia, trade body FIEO has said.
"(Indian) exports may touch $185 billion in 2009-10 with 10%increase over the last year. We have passed through the worst phase and exports will pick up from July onward," Federation of Indian Export Organisations (FIEO), President, A Sakthivel said in a statement. "Diversification of Indian exports to Latin America, Africa and Asia will help India to post better export figures," he said.
India's exports plunged 33.3 per cent in March, the most in over a decade, as reduction in demand for merchandise since October 2008 in major markets of the world wiped out earlier gains.
Exports dropped to $11.51 billion in March from $17.25 billion in the same month last year. With external shipments contracting for six months in a row, the country's exports aggregated $168.70 billion in fiscal 2008-09, managing a paltry growth rate of 3.4 per cent.
"This is largely due to the lack of global demand primarily on account of recession in US, Europe and Japan," Sakthivel said. He said that while certain segment of exports may not show an immediate improvement, there is a glimmer of hope as international buyers have started flocking to Indian shores.
"The inventories of buyers in Europe will be over by August and European buyers have started visiting India and international trade fairs for procurement," Sakthivel said.
