Exporters are looking beyond the traditional markets to Asean, Latin America and Africa to reach the $500-billion mark by 2014-15.
“Of the $500-billion exports, the major chunk will be contributed by Asia with a share of $230 billion. Asean alone will import more than $100 billion. Exports to Africa and Latin America will zoom to $75 billion and $50 billion, respectively,” according to Ramu S. Deora, president of the Federation of India Export Organisations.
Exporters would also target Central Asian nations such as Kazakhstan and Uzbekistan, and the Commonwealth of Independent States (CIS) countries such as Russia and Ukraine.
However, the share of exports to traditional destinations — Europe and the US — will go down to 15 and 10 per cent, respectively, Deora said.
At present, the US and the EU account for about 35 per cent of exports.
According to the commerce ministry, bilateral trade between India and the US amounted to $36.5 billion in 2009-10.
The 27-member EU is India’s largest trading partner with bilateral trade touching $75 billion in 2009-10.
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