Emphasising the market potential in Africa, Latin America and China, the Exim Bank on Wednesday said India, in order to achieve its export target should consider increasing the volume of trade with these countries, which presently stood at a meagre 0.62 per cent.

Interestingly, Africa, Latin America and China's imports together stood at about $760 billion in 2001, accounting for about 12 per cent of global imports, the bank said in its latest study titled 'Strategy for Quantum Jump in Exports: Focus on Africa, Latin America and China'.

Outlining an analytical approach for achieving significant increase in India's exports over the medium term, the report released by Director General of Foreign Trade, L Mansingh said the country could aim to achieve by 2007, a target import share of 10 per cent in Africa, two per cent in Latin America and five per cent in China.

The report estimates that if these targets can be achieved, then India's cumulative exports to these regions will increase to $24 billion by 2007 from the current level of $4.7 billion in 2001, an Exim Bank release said in New Delhi.

Exim Bank managing director and CEO T C Venkatsubramanian said India should look at the Third World market for its exports as 40 per cent of the imports of the developing countries usually come from other such countries.

The target import share works out to an export level valued at $18 billion, for the African region, $1.8 billion for the Latin American region and $4.28 billion for China, the release added.