SME Times News Bureau | 15 Dec, 2018
Marginal exports growth in
November is due to high base effect, said exporters association FIEO on Monday.
FIEO President Ganesh Kumar
Gupta said that the data shows that there is marginal growth in exports during
the month on account of high base effect year-on-year basis, as exports grew by
over 30 per cent in November, 2017.
However exports during the
month was again close to USD 27 billion with a growth of 0.80 per cent even
when the global trade is showing signs of receding trend said FIEO Chief.
was mainly witnessed in Petroleum sector with Organic & Inorganic
Chemicals, Plastic & Linoleum, RMG of all textiles, Drugs
& Pharmaceuticals and Electronic goods also showing signs of revival.
labour-intensive sectors of exports like Gems & Jewellery,
Engineering, Leather & Leather products, Man-made yarns/fabs/made-ups,
Handloom products, commodities including most Agri products are now in negative
territory opined Gupta.
15 out of 30
major product groups, as against 22 out of 30 in the previous month, were still
in positive territory during November, 2018.
the imports front, the growth in November, 2018 was on a lower side this time
around showing a growth of just 4.31 percent, which is the lowest in recent
declining trend of crude oil prices and appreciating Rupee may further provide
some respite on this front reiterated Ganesh Kumar Gupta.
Gupta once again reiterated his demand for urgent and immediate support
including augmenting the flow of credit and better fiscal support, including
interest equalisation for merchant exporters.
The FIEO President
exuded confidence that despite increasing protectionism, exporters have managed
to do well in the past and with the timely support of the government will now
also be able to take exports to a higher trajectory.