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'Resolution of pending issues of exporters would give impetus to trade'
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SME Times News Bureau | 14 May, 2021
The value of engineering goods shipments registered a year-on-year
growth of 238.27% during April, 2021 owing primarily to lower base
effect and strong demand from traditional markets. This shows recovery
in external trade is very much on track and improved trade outlook,
said EEPC India Chairman Mahesh Desai.
"As vaccine coverage rises
in Europe and North America we see further increase in demand.
Shipments to China have already been quite healthy and we expect the
trend to continue," he said.
As per data released by the
government, India's overall merchandise exports in April 2021 was $
30.63 billion, a jump of 195.72% over $10.36 billion in April 2020. As
compared to April 2019, exports in April 2021 exhibited a positive
growth of 17.62%.
Desai said that the recent surge in Covid cases
has some downside risks to the growth as various state governments have
imposed lockdowns and curfews to contain the spread of the virus.
"This
has caused a slowdown in inter-state movement of goods and shortage of
manpower. In order to address this, we urge the government to classify
the export sector as essential services," he said.
The EEPC
Chairman noted that the government has largely taken a very balanced
approach to deal with the health crisis focusing both on saving lives
and protecting livelihood.
In an encouraging development, the
Department of Commerce has taken up various issues of exporters with the
Finance Ministry for their early resolution. Some of the pending issues
pertain to Remission of Duties and Taxes on Export Products (RoDTEP),
Merchandise Exports from India Scheme (MEIS) and Inverted duty
structure.
"Once resolved, it will further provide impetus to the export sector," said Desai.
Given
the growth trends in previous fiscal and April this year, it is hoped
that merchandise exports could touch $400 billion in FY22. The value of
exports in the first week of May was up by almost 9% (over the same
period last year) pointing to a positive trend, the EEPC Chairman
concluded.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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