Amid concerns over declining Indian exports, Union Commerce Secretary Rajeev Kher has asserted that domestic exporters must explore new territories in countries like Africa and China to diversify exports business instead of keeping focus in traditional markets like European Union and the USA.
Rajeev Kher further stated that African countries as well as China have huge market potential. Besides, new exports opportunities are also coming up from the Southeast Asian countries. Commerce Secretary also expressed the need for Indian exporters to enhance overseas shipments to countries like Peru, Colombia, Chile, Vietnam, Cambodia and Laos, which have still been ignored by them. Rajeev Kher encouraged domestic exports to enhance shipments to China as India's trade deficit with China stood at around $35 billion per annum which has become a cause of concern.
India’s overseas shipments fell by 3.67% to $25.69 billion in February from $26.69 billion recorded in the corresponding month of previous year. Export of engineering and pharmaceuticals products was declined by 2.76% and 1.62% to $5.02 billion and $1.17 billion, respectively, in February.