SME Times News Bureau | 14 Aug, 2019
Responding to marginal rebound in exports in July, FIEO
President Sharad Kumar Saraf said that growth in exports shows resilience of
the Indian exporting community even during such tough times and sluggishness in
the global economy.
Saraf is of the view that the reflection of sluggish
global demand and uncertainties emanating from tariff war are clearly visible
in the slowdown in exports across the globe.
FIEO Chief is of the view that depreciation of Chinese
Yuan will not only help China to reduce the impact of higher tariffs imposed by
US but will also make Chinese exports more competitive in a third country as
well aggravating our problem.
FIEO President said that only 17 out of 30 major product groups were in
positive territory during July, 2019 including few plantation and agri sector,
marine products, iron ore, ceramic products & glassware, drugs
& pharma, organic & inorganic chemicals, electronic goods, man-made
yarn/fabs/made-ups etc, RMG of all textiles, carpet and jute manufacturing
including floor covering.
Major product category which contribute to the country's
exports basket were in the negative territory such as the petroleum, plastic
& linoleum, cotton yarn/fabs/made-ups, handloom products etc., engineering
goods, gems & jewellery, leather & leather products besides some of the
agri sector of exports also showed de-growth during the month.
On the import front, data shows de-growth of well of 10
percent, which has been the highest in recent months due to major reduction in
imports of petroleum products, gold and pearls, precious & semi-precious
Saraf said that domestic issues including access to
credit, cost of credit especially for merchant exporters, interest
equalization support to all agri exports, benefits on sales to foreign tourists
and quick refund of GST should be seriously looked into.
And last but not the least, WTO complaint schemes but
addressing cost disabilities of our economy be deliberated and drafted so as to
replace some export promotion instruments to further give a boost to growth in