Exports to African and Latin American countries on the rise

Exports to African and Latin American countries have jumped in the first five months of the fiscal compensating to an extent diminished opportunities in the US and Europe because of a global slowdown.

Exports to Africa between April and August jumped 41.6 per cent to $22.17 billion in a year. Exports to Latin America surged 38 per cent to $8.24 billion during this period, according to the commerce ministry.

Analysts said the shipments to these two continents could increase in the coming years as the country is filling up a gap left by Covid-hit China though this gap right now is very small compared with Chinese trade with these two continents.