May the twain meet: Look East as much as West for Indian exports

India's goods exports printed 14.5% lower for the April-July period, having contracted for the sixth month on a trot in July. A slump in goods exports such as this would typically drive attention to the imminent slowdown in Western advanced economies. Only, this time around, the bigger problem seems to be closer home—the Asia Pacific (APAC) region, which comprises the Association of Southeast Asian Nations (ASEAN) and northeast, south and east Asia. While during April-July India's total goods exports contracted 14.5%, exports to the APAC region were down a substantial 22.0%. The decline in exports to the US and European…