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Intra-Asia trade: upward and rising
19 December 2008
Some believe the recent terrorist attacks that struck Mumbai – the commercial heart of India – were perpetrated to undermine the country's democracy and capitalist economy. But how are South Asia trade flows faring in the midst of the global economic storm? Michele Martensen reports.
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telecoms eca export credit trade india reliance edc
In recent times the Indian sub-continent has seen robust growth in both exports and imports. Since the millennium, Indian merchandise exports have been growing at an average of 19% every year, reaching $145 billion by the end of 2007.
India's commercial services exports grew 20% over 2006 reaching $90 billion in 2007. Services contribute almost 7% to the country's GDP - more than double the 3.2% recorded for 2000 to 2001. Meanwhile, India's imports - driven by higher demand as well as high oil prices - reached $217 billion in 2007.
While the global slowdown in trade will negatively impact growth going forward, the sub-continent's GDP is expected to grow 3.5 times as fast as the developed world....
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