| From Indiatimes.com: The slowdown in the US on account of the crisis in the subprime mortgage market has not impacted India’s exports as expected by many. In 2007-08, exports continued to maintain its high growth tempo despite the effects of subprime crisis visible in the second half of the year. The US accounts for a sizeable chunk of India’s exports.
According to commerce ministry figures, the country’s merchandise exports grew by almost 26% in FY08 to $159 billion compared to about 23% in FY07. Though the performance is not significantly better than the previous year, it is notable because demand from major export destinations, like the US and Europe, were showing signs of slowdown. However, a closer look at the numbers indicates that more growth has been in low-end areas or primary products like sugar (95%), rice(87%), oil meal (62.4%), spices (49%) and iron ore (47%). These have largely benefited from high global commodity prices during the year. Volumes may not have correspondingly picked up. These five items have accounted for about half of the primary exports for the year. While soaring commodity prices have added to country’s imported inflation, the exports too seem to have benefited from this trend..... Full Article: Source
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