Exports growth to be better in coming months: FIEO

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SME Times News Bureau | 12 Nov, 2013
The double digit growth in exports continuously for last four months has helped in reducing the trade deficit significantly said M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO).

"Exports will post even better results in forthcoming months as all major sectors of exports are in positive zone helping us to cross the target of USD 325 billion," said FIEO Chief on Monday.

India's exports jumped by 13.47 percent to USD 27.27 billion in October, while imports dropped by 14.5 percent, said data released by the commerce and industry ministry.

The trade deficit rose to USD 10.55 billion in October after narrowing to two-and-a-half-year low of USD 6.7 billion in the previous month as purchases of gold and silver picked up ahead of the festive season, it added.

FIEO Chief said that going by the current trend, trade deficit for the current fiscal may be around USD 140 billion much less than USD 192 billion recorded in 2012-13.

This will ease pressure on Current Account Deficit which may come down to USD 50 billion added Ahmed.

Current exchange rate is providing much comfort to exports which can be imparted further competitiveness by bringing exports under priority sector to ensure adequate credit flow and aggressive marketing through an Export Development Fund, added Ahmed.