Indian exports to non-US markets increasing: Report

The focus of India's exports is shifting from the traditional US market to the UAE, a Dun & Bradstreet report said.

The US has traditionally been India's leading export destination. In FY 2007, US accounted for as much as 14.9 per cent of the total merchandise exports worth an estimated $ 18.9 billion, the report said.

Though US's share in India's merchandise exports declined from 20.7 per cent in FY 2003 to 14.9 per cent in FY 2007, in value terms the shipments increased from $10.9 billion to $18.9 billion.

"This is an indication of India's growing preference for trading with other emerging markets by diversifying its product group and improving its quality," the report added.

The UAE, the second-largest export market, accounted for 9.5 per cent of the country's total exports in FY 2007, while in FY 2003 it accounted for 6.3 per cent only, the report said.

The spurt in exports to the UAE can be largely attributed to a rise in shipments of mineral fuels, mineral oils and products, which constituted almost 30.4 per cent of total exports to the UAE, the report said.

UAE is also an important market for re-export in the entire Middle-East region. In 2005, the total re-export was as high as $26.4-billion.

India's exports to China have also seen a rapid growth from just 3.7 per cent in FY 03 to 6.6 per cent in FY 07.

India's export share to Singapore has gone up from around 2 per cent in FY 2001 to 4.8 per cent in FY 07.