Ex­ports poised to cross US$ 350 bn, says FIEO

In July, In­dian ex­port growth slipped to 7.33 per cent at US$ 27.72 bil­lion on an an­nual ba­sis, while im­ports rose 4.25 per cent to US$ 39.95 bil­lion.

Cargo Talk - - Cargo News - CT BUREAU

Fed­er­a­tion of In­dian Ex­port Or­gan­i­sa­tions (FIEO) said the coun­try's ex­ports can sur­pass the US$ 350 bil­lion tar­get this fis­cal as growth in the man­u­fac­tur­ing sec­tor is ex­pected to pick up pace.

“Global trade sce­nario is im­prov­ing with pos­i­tive de­vel­op­ment in the US, EU and emerg­ing economies and in com­ing months ex­ports should re­flect th­ese de­vel­op­ments,” Rafeeque Ahmed, FIEO Pres­i­dent said.

“We can cross US$ 350 bil­lion ex­ports tar­get this fis­cal as man­u­fac­tur­ing is ex­pected to pick up,” he added. Trade deficit marginally nar­rowed to US$12.22 bil­lion from US$12.49 bil­lion a year ago.

Ahmed said the 7.36 per cent growth in ex­ports in July was lower than the ex­pected dou­ble digit growth. “While en­gi­neer­ing, chem­i­cals and pharma, ap­parel, leather, marine con­tin­ued to post bet­ter re­sults in July as was in the ear­lier months, but gems and jew­ellery, elec­tron­ics, cot­ton tex­tiles con­tinue to be cause of con­cern as their neg­a­tive growth is pulling down over­all ex­ports growth,” he said.

In July, oil im­ports in­creased 12.75 per cent to US$14.35 bil­lion, while non-oil im­ports were up by 0.03 per cent to US$ 25.6 bil­lion.

Gold im­ports were down 26.39 per cent to US$ 1.81 bil­lion from US$ 2.46 bil­lion in the same month last year. Ex­ports in May and June regis­tered a growth of 12.4 per cent and 10.22 per cent, re­spec­tively. In the April-July pe­riod, ex­ports grew 8.62 per cent to US$ 107.8 bil­lion. Im­ports dipped 3.8 per cent to US$ 153.15 bil­lion dur­ing the first four months of this fi­nan­cial year. Trade deficit dur­ing the April-July stood at US$ 45.31 bil­lion.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.