Financial Daily from THE HINDU group of publications
Monday, Jul 11, 2005
Financial Daily from THE HINDU group of publications Monday, Jul 11, 2005 |
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Industry & Economy
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Foreign Trade Trade with G8 countries up 17 pc Our Bureau
New Delhi , July 10 INDIA'S trade with G8 countries in 2004-05 increased by 17 per cent in dollar terms to reach the $48 billion mark, finds an analysis done by PHD Chamber of Commerce and Industry (PHDCCI). The trade between India and G8 countries constitutes 25 per cent of India's total trade. The share of exports to G8 countries which include USA, Canada, Italy, United Kingdom, France, Germany, Japan and Russian Federation, as a percentage of total exports stood at 33.6 per cent. However, the share of total imports from the G8 countries has come down from 22.5 per cent in 2003-04 to 20 per cent in 2004-05. But in absolute terms, they have registered an increase of over $3.6 billion to reach $21.4 billion. The analysis also finds that trade with US has grown by 19 per cent in 2004-05 over the previous year. Exports to US has gone up by 16 per cent, while imports from US increased by 25 per cent in 2004-05 over the previous year. Mr K.N. Memani, President PHDCCI, said that the trade between India and US has the potential to grow exponentially since the Indian Government has sought to engage US in newer areas like defence production and marketing of products.
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