indian Exports to US fell 11.5 perc since recession news came in

(Indian Exports) - India's exports to the US, the single largest market for local exporters, dropped 11.5% during October'08-February'09, as per a study by industry chamber FICCI. The study also revealed that India has lagged behind other competing countries such as China, South Korea and Brazil, that export to the US.

This has come about even as US-bound exports from Ireland, Indonesia and Vietnam have grown in the range of 3-12% during the same five month period. Although exports from China, Korea and Brazil have also dropped, India has fared the worst, as per FICCI. But India outperformed Malaysia, Taiwan, Thailand, Russia and Singapore for the period.

Also Read :
-America's Top 20 CEO's ever list
-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started

In the first two months of 2009, Indian exports to the US dropped 23%, much more than the fourth quarter of 2008, indicating a worsening situation. In the previous quarter (July-September 2008) exports actually grew 14%.

The sectors worst affected by the decline in exports to US include gems & jewellery, textiles & apparel, pharmaceuticals, auto & auto components, marine products and non-ferrous metals. In contrast, chemicals, machinery, iron & steel, instruments, leather, plastics, agro-items and processed food saw higher exports.

Also Read :
-America's Top 20 CEO's ever list
-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started

India's exports of machinery & parts grew 19% to $1.2 billion against a 15.4% decline in US global imports of this category. Similarly chemicals export increased over 14% to $974 million even as US chemical imports from all countries put together declined 1.5% for the period. Exports of iron & steel from India matched the 14% rise in US global imports of the products.

The FICCI study observed that in two categories India has lost some share of US imports to competitor countries. In textiles & apparel, Bangladesh and Vietnam have expanded their exports 18% and 9% respectively when Indian exports fell 6.5%. Similarly, India's pharmaceuticals exports declined 37% at a time when such exports from China, Israel and South Korea moved up 27-41%.