'Exports to US, Europe registered positive growth in April-October'

India's exports to the US and Europe registered a positive growth during April-October period of the current fiscal, Parliament was informed today.

The country's exports to Europe has increased to $33.15 billion in the first seven months of the current fiscal from $31.28 billion in the same period last year, Minister of State for Commerce and Industry E M Sudarsana Natchiappan said in a written reply to the Rajya Sabha.

Similarly, India's merchandise shipments to the US have risen to $23.35 billion during April-October 2013 from $21.49 billion in April-October 2012, he said.

"Exports to European countries in 2013-14 have shown improvement. In the first seven months of current fiscal, exports to Europe and USA has increased in comparison to the corresponding period last year," he added.

He said that exports to Europe had shown slight decline in 2012-13 over 2011-12.

"This is attributable to global economic crisis, sovereign debt crisis in Europe and the economic slowdown in the developed economies which adversely affected demand for our exports," the Minister said.

The US and Europe are two main destinations for Indian exporters, both accounting for about 25 per cent of the country's total exports.

Replying to another question, he said that the government is considering a review of the Price Stabilisation Fund Scheme (PSFS).

"The restructured and Modified PSFS, addressing the identified bottlenecks of the ongoing Scheme and making it more beneficiary friendly, is under consideration of the government," he said.