SME Times News Bureau | 16 Oct, 2018
The overall exports in the month of
September is close to USD 28 billion, which is the minimum exports we are
looking for each month so as to reach milestone of $350 billion, said
exporters' body FIEO.
Reacting to official export figures
released Monday, FIEO President Ganesh Kumar said that though the September data shows a
marginal negative growth primarily due to high base effect last year, the
aggregate value of exports in this September is much more than in the month of
April, June & July of 2018 in which we recorded as high as 17 per cent
The high growth witnessed in plastic
and linoleum products, organic & inorganic chemicals, petroleum products
and growth in drugs & pharma, cotton yarns/fabrics/made-ups and handloom
products are positive signs for future exports, opined Gupta.
India's merchandise exports declined by 2.15 per cent in September on a
year-on-year basis, even as the country's merchandise trade deficit registered
its lowest in last 5 months despite the currently high global crude oil prices.
The reduction in trade deficit would
ease out concerns of current account deficit and may sombre the Rupee
fluctuation to some extent, said the FIEO Chief.
Gupta reiterated his demand for
augmenting the flow of credit to export sector as sharp decline in credit, when
exports are growing at the double-digit, does not augur well for the future.
He appreciated the initiative taken
by the Finance and Commerce Minister for addressing the issue and hope banks
will positively respond to it.
Gupta exuded confidence that despite increasing protectionism and high
volatility in currencies, Indian exporters have managed well to get new orders
and remain bullish on exports in short to medium term basis.