India will achieve its $ 500 billion export target for 2014 on account of increasing demand in new markets like Latin America and Africa, a study released here on Sunday said.
Export trends shows India’s dependency on the US market has reduced by great margin and in 2011, the UAE emerged as the country’s top export destination, PHD Chamber Chief Economist Mr S P Sharma said, adding that China and Singapore have emerged among its top five export destinations.
“Due to various government policies and benefits given under the foreign trade policy, there has been a diversification in the export destinations of the country. There had been big change in export trends over the last 10 years,” he said.
He said India’s engagement with regions like ASEAN has reduced dependency on developed economies.
The US and Europe, which account for over 40 per cent of India’s exports, now contribute less then 30 per cent, he said.
Further, he said that although the world economy is on the verge of a severe slowdown, India has managed to maintain its exports growth momentum.
During the April-September period this fiscal, India’s exports grew by 52.1 per cent to $ 160 billion