New Delhi, Nov 08: Indian exports registered the third-highest growth rate in the world in ’02. Only China (22%) and the Czech Republic (15%) logged a growth rate faster than India ’s 14%. This, at a time when world export growth rate had come down sharply to 4% from the fast pace of trade growth in the ’90s. While India continues to rank 30 in merchandise exports, its rank in the case of imports has gone up from 27 in ’01 to 24 in ’02. When it comes to trade in services, India ’s position in ’01 and ’02 at 19, is far higher.

According to WTO’s latest report on international trade statistics, India has improved its share in world exports from 0.7% to 0.8%. This, of course, is a pale shadow of China ’s 5% share in world trade, not to speak of USA ’s share of 10.7%.

The US suffered a 5% decline in exports in ’02, while its imports rose 2%, widening the country’s trade deficit to 5% of the GDP. This not only indicates the downward pressure on the dollar, but also highlights the threat to world exports when a lower dollar makes imports into the US more expensive and hence, reduces total imports. In ’02, US imports accounted for 18% of all imports. China has further consolidated its position as an emerging powerhouse, accounting for around 10% of the exports of Japan and developing Asia , and around 12% of US imports. Chinese exports account for around 18% of the imports of Japan , and around 8% of imports of the European Union. Bureau Report