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India outpaced the rest of the world in terms of exports growth in 2005-12, charting a 17 per cent improvement over the seven-year period. As per the latest World Trade Organisation (WTO), this was even higher than arch-rival China’s exports growth of 15 per cent between 2005 and 2012.
The exports growth registered by the powerhouses of the Asian economy was significantly higher than the global average of 8 per cent in the 2005-12 period. But India was able to achieve the distinction despite a 3 per cent decline in exports in 2012, even as China recorded 8 per cent growth for the year. Globally, exports remained at the same level in 2012 as the previous year.
Delving into India’s export performance, it emerges that growth in overseas shipments slowed to 13.6 per cent in 2008-09 and then fell to -3.5 per cent in 2009-10. But in the subsequent two years, exports witnessed high growth due to steps taken by the government to boost exports, besides weakening of the Indian rupee. But exports witnessed a declining trend in 2012-13 on account of the worsening euro zone crisis and poor global demand.
As per WTO data, India’s rank as one of the leading exporters of the world improved from 31st position in 2000 to 19th position in 2012.
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