Driven by Asia, exports to grow faster next fiscal: HSBC

It, however, did not put a number to its growth projection or the target.

The report says merchandise exports (both imports as well as exports) will grow at an impressive average annual pace of 17 per cent during 2013-15 and by 15 per cent annually during 2016-20.

The report said HSBC bases its optimism to the faster and speedier growth of Asian economy than that of Europe and the US.

Apart from the largest partnet UAE, China, Hong Kong and Vietnam in particular are expected to considerably increase their share in the country's exports, says the HSBC Trade report.

After contracting for eight successive months, exports rose by 4.25 per cent in Feburary, reflecting some recovery in the global markets, to USD 26.26 billion, said the Commerce Ministry yesterday.

In January, exports grew a poor 0.82 per cent but outward shipments entered the positive zone after a long gap of eight months.

However, during the April-February period, exports contracted by 4 per cent to USD 265.95 billion. Imports during the 11-month period grew by a mere 0.25 per cent to USD 448 billion, leaving a trade deficit of USD 182.1 billion.

Last year, exports crossed USD304 billion, while imports crossed USD480 billion in the year.

"Intra-Asian trade is forecast to be a major driver not of the country's exports but for the entire regional trade growth as the Asian economy recovers faster

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