India to post highest growth in exports of goods and services in 2019 among the top 20 leading exporters : PHD Chamber

No.PR-8

April 12, 2019

New Delhi

India to post highest growth in exports of goods and services in 2019 among the top 20 leading exporters : PHD Chamber

Despite the global headwinds, it is inspiring to note that India’s growth of exports of goods and services is projected highest at 8% by IMF in 2019, said Mr. Rajeev Talwar, President, PHD Chamber of Commerce and Industry in a press statement issued today.

This growth projection is highest in the leading top 20 exporting countries, said Mr. Talwar

According to the growth projection and the pace of further reforms in exports infrastructure, the exports of goods and services are expected to increase from US $ 540 billion 2018-19 (estimated) to US $ 600 billion in 2019-20, said Mr. Rajeev Talwar.

The Trade facilitation measures and reforms in the ease of doing business supported the exporters to post higher growth rates in the recent years, said Mr. Rajeev Talwar.

The growth of exports of goods and services from India have been found significantly strong as compared with the competitive economies such as China, Korea, Singapore, Germany, Japan, among others, he said.

However, there is a strong need to increase the volume of the exports of goods and services with enhanced product and market diversification, said Mr. Rajeev Talwar.

The further improvement in logistics infrastructure and trade facilitation measures would enhance the exports growth trajectory and create millions of new jobs opportunities, said Mr. Rajeev Talwar.

To harness the export potential of the country, the overall ease of doing exports is needed to be further enhanced in terms of easier access to raw materials, building linkages for strong marketing of products, improving labour productivity, labour flexibility and capital efficiency, said Mr. Rajeev Talwar.

Growth of Exports of goods and services of World's Top 20 Exporting Countries

S. No. Top 20 World Exporters (descending order according to growth rates) 2019 (Growth) 2018 (Growth) 2017 (Growth) 2016 (Growth) 1 India 8.0 9.1 10.0 6.7 2 France 3.6 3.0 4.5 1.5 3 Mexico 3.3 5.7 3.9 3.7 4 China 3.3 4.0 9.1 1.1 5 Russia 3.3 6.3 4.8 1.6 6 Germany 3.0 2.2 5.3 2.1 7 United Arab Emirates 2.9 -7.8 0.3 6.1 8 Belgium 2.8 3.4 1.4 3.5 9 Korea 2.8 4.2 1.9 2.6 10 United States of America 2.7 3.9 3.0 -0.1 11 Italy 2.6 1.9 5.9 2.1 12 Canada 2.6 3.3 1.1 1.3 13 Netherlands 2.6 2.7 5.4 1.7 14 Spain 2.5 2.2 5.2 5.2 15 United Kingdom 2.4 0.1 5.6 1.0 16 Hong Kong, China 2.3 3.8 5.9 0.7 17 Japan 2.1 3.1 6.8 1.7 18 Switzerland 1.7 3.3 -0.2 6.7 19 Singapore 1.6 5.2 5.4 0.8 20 Taipei, Chinese NA NA NA NA

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)