The decline in exports growth rate was also less with top ten destinations as compared with rest of the economies.
Export volume to top ten export destinations declined 7.7 percent from USD 154.05 billion to 142.55 billion in 2016-17 whereas export volume to rest of the economies declined 16.6 percent from USD 160.36 billion in 2013-14 to USD 133.73 billion in 2016-17.
India's overall merchandise exports declined 12 percent during the same period from 2013-14 to 2016-17 from USD 314 billion to USD 276 billion.
Despite overall slowdown in exports growth, it is inspiring to know that India's merchandise exports to USA grew from USD 39.14 billion in 2013-14 to USD 42.33 billion in 2016-17 showing a growth of 8.1 percent with the World's largest economy, said Jiwarajka on Wednesday in New Delhi.
However, India's exports to China declined 31 percent from USD 14.82 billion in 2013-14 to USD 10.2 billion in 2016-17.
Nearly 53 percent of the India's exports to USA are in the form of consumer goods, followed by intermediate goods (29 percent), capital goods (12 percent) and raw materials (6 percent).
India and USA have consistently increased their intra-industry trade over the last many years, said Jiwarajka.
Going ahead, scope for enhancing the present intra-industry trade between India and USA is immense, he said.
India's products' export pattern has grown tremendously in tandem with the import pattern of USA. The alignment has recently witnessed a jump in 2016 indicating the demand pattern of USA has been inclined more and more in favour of supply pattern of India, he added.
Considering the steady trade pattern with USA, our exports to USA are seen at USD 50 billion by the next financial year 2018-19, said Gopal Jiwarajka
Exports to UAE also increased from USD 30.52 billion in 2013-14 to USD 31.3 billion during the same period showing a growth of 2.5 percent, said Jiwarajka.
Hong Kong has superseded China as the 3rd biggest export destination for India on the back of rising demand of Indian products in Hong Kong.
India's exports to Hong Kong grew 11.2 percent from USD 12.73 billion in 2013-14 to USD 14.2 billion in 2016-17, he said.
Going ahead, we are hopeful that our exports will touch USD 325 billion mark in the current financial year 2017-18, Jiwarajka added.