Economy

Exports to tax havens increased from 2004-05 level

Arun S. New Delhi | Updated on October 25, 2011 Published on October 25, 2011

exports



An inquiry by the Commerce Ministry has found that exports to the commonly known tax havens have increased from the 2004-05 level. The peak was reached over the seven year-period ending 2010-11 (Table).

The Minister for Commerce, Textiles and Industry, Mr Anand Sharma, told Business Line that, “After certain media reports, I asked for details (from the Commerce Department). From our side, we have checked the numbers on exports to tax havens and verified them.”

Exports to Bahamas increased from just $5.55 million in 2004-05 to a whopping $2.17 billion in 2010-11. Of the $2.17 billion, exports of petroleum products alone accounted for $1.986 billion.

The Minister added, “An abrupt increase was seen only in the case of Bahamas. It was mainly on account of petroleum products. There must have been a surge in demand for such items. Besides, oil prices have also gone up.”

The other main items of shipments to Bahamas in 2010-11 were organo-inorganic compounds ($32.56 million), some organic compounds ($87 million), vegetable alkaloids ($31.38 million), motor vehicles ($0.27 million) and tobacco products ($0.17 million).

Commerce Ministry data show that exports to Mauritius had increased from $258.2 million in 2004-05 to a maximum of $1.089 billion in 2007-08 and then decreased to $801.56 million in 2010-11.

Exports to Panama Republic grew from $55.95 million in 2004-05 to a peak of $165.6 million in 2006-07 and then slipped to $117.84 million in 2010-11.

Similarly, exports to Seychelles which were $10.62 million in 2004-05 grew to a maximum of $97.43 million in 2008-09 and then fell to $31.15 million in 2010-11.

Also, shipments to Switzerland were $540.89 million in 2004-05, peaking at $769.24 million in 2008-09 and then dropping to $677.56 million in 2010-11.

Exports to Luxembourg have risen from $11.64 million in 2005-05 to a maximum of $18.64 million in 2010-11.

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Published on October 25, 2011
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