India is likely to miss its export target of $200 billion in 2009-10 on the back of continued demand contraction in global markets, particularly the U.S. and UK markets, reported the PTI quoting industry body Assocham.

In its preliminary assessment, the industry body said that though the Commerce Ministry set the export target at $200 billion on a realistic basis only $180 billion is achievable. It further said that the Commerce Ministry could revise down the export target.

Assocham further said that the US market, which accounted for about 60% drop in exports proceeds of India in the second half of 2008-09, would continue to face slowdown in FY10 also. A slowdown faced by the US would continue to impact India, as it is the largest trade partner to India.

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