'Focus on new markets, productivity to survive export crisis'

Top Stories

»	49% Indian startups now from tier 2, 3 cities: Jitendra Singh
»	'India ranks 3rd in global startup ecosystem & number of unicorns'
»	Tripura exported over 9K tonnes of pineapples in 2 years
»	CPI inflation eases to 6.71% in July, IIP falls to 12.3%
»	Rupee depreciates 12 paise to close at 79.64 against US dollar

SME Times News Bureau | 16 Jun, 2012
Amid slowdown in exports, the Federation of Indian Export Organisations (FIEO) has asked Indian exporters to take full advantage of the weak rupee, explore new markets as well as new buyers in existing markets, and focus on higher productivity through efficiency and cost cutting.

"Exporters should explore new markets and new buyers in the existing market to take full advantage of depreciation of rupee while simultaneously increasing their productivity through efficiency and cost cutting measures as a long term strategy to survive in world market," said FIEO resident M Rafeeque Ahmed.

Reacting to May export figures, he added that many countries in the world are facing huge setback in exports, and India is no exception to it. "The decline in exports is on account of global trade slowdown and deceleration in domestic manufacturing," he added.

He, however, expressed his satisfaction with the growth shown by Apparel and Pharmaceutical sectors, both dominated by MSME Sector, is an encouraging sign and augur well for other sector of exports.

The softening of crude and metal prices also have their share in reduced value-wise exports of petroleum products, gems & jewellery and engineering, he said, adding however that a little moderation in imports particularly on account of over 50% decline in gold and silver and over 20% in electronics is a satisfactory.

The FIEO chief said that while next few months may be challenging but with little stability in Euro Zone, exports will be back on track in the next second half of the fiscal ensuring 15-20% taking overall exports to over US$ 350 billion.