It has been the endeavour of Government to encourage both product diversification and market diversification of its export. The Government has identified certain markets under the Focus Market Scheme (FMS) in the Foreign Trade Policy. Such identified markets include countries from Africa, Latin America, CIS and ASEAN.

India’s exports to Europe and USA for 2010-11 to 2012-13 and current year (up to October, 2013) is given below:

    (Value in billion US $)

Data Source: DGCIS, Kolkata

Exports to USA have not declined in the previous three years. However, exports to Europe had shown slight decline in 2012-13 over 2011-12. This is attributable to global economic crisis, sovereign debt crisis in Europe and the economic slowdown in the developed economies which adversely affected demand for our exports. But exports to European countries in 2013-14 have shown improvement. In the first 7 months of current fiscal year, 2013-14 exports to Europe and USA has increased in comparison to the corresponding period last year.

The information was given by the Minister of State in the Ministry of Commerce and Industry Dr. E.M. Sudarsana Natchiappan in Rajya Sabha today.

Export market diversification via the Focus Market Scheme as European exports recover and US trade remains stable. The Government advances export market and product diversification via the Focus Market Scheme targeting Africa, Latin America, CIS and ASEAN; reported exports show stable shipments to the USA while European exports fell in 2012-13 due to global economic slowdown and sovereign debt pressures but improved in 2013-14, with the first seven months of 2013-14 exceeding the corresponding period of the prior year.