India Ranked 10th in Service Export - Report

India achieved 10th rank in export of services worldwide, while emerged as the 20th biggest merchandise exporter in 2010, according to a latest WTO report. In 2009, the country stood at the 12th and 22nd position globally in services and goods exports, respectively. In value terms last year, India exported services and merchandise worth $110 billion and $216 billion respectively, the 'World Trade Report 2011' said. India's goods exports went up by 31% in 2010, helping the country to expand its market share to 1.4% from 1.2% in 2009. According to industry experts, increasing demand for Indian goods in new markets like Latin America and Africa are helping in boosting the country's exports. "This [improvement in India's ranking] is because our exports are doing reasonably well in new markets like Latin America, Middle East and other Asian markets. We are focusing on these markets," CRISIL Principal Economist DK Joshi said. Apex exporters body FIEO said that the diversification of India's exports basket are also helping in increasing the shipments. "Slowly, India's rank is going to increase...," Federation of Indian Export Organisations (FIEO) President Ramu Deora said. Engineering and petroleum exports contribute about 40% in the total exports. "Earlier, there contribution was low," Deora said. New Delhi's services exports share in the world exports increased to 3% in 2010 from 2.6% in 2009. Further the report said, globally China ranked first in terms of merchandise exports followed by the US and Germany. In services export, the US is on the top slot followed by Germany and UK.

Source: http://www.moneycontrol.com/news/current-affairs/india-ranked-10thservices-export-worldwide-report_567778.html