FIEO | 04 Jul, 2022
Reacting to monthly Trade
Data for June 2022, FIEO President, A Sakthivel said that exports of
USD 37.94 billion with a growth of 16.78 percent, yet again indicates
the strength of the export sector amidst challenging ongoing
geo-political and rising global uncertainties.
While growth of over 22
percent with USD 116.77 billion recording highest ever exports during
the first quarter of the FY 22-23 shows the commitment and hard work of
exporters to achieve newer and newer remarkable milestones.
FIEO President said that the top sectors, which led the exports growth
during the month were Petroleum Products, Gems & Jewellery,
Electronic Goods, RMG of all Textiles, Rice and Organic & Inorganic
Chemicals, etc. Labour-intensive sectors also contributed to the exports
basket, which itself is a good sign, further helping job creation in
FIEO Chief also reiterated that the benefits of the newly signed FTAs
and the PLI Scheme will further help us in building as we continue to
move ahead during the fiscal.
Imports growth of over 63 percent is of concern and has been mainly on
account of Petroleum Products; Coal, Coke and Briquettes; Gold; Organic
and Inorganic Chemicals and Artificial resins and plastic materials
which may be looked into.
However, he added that rising imports of gold
may lead to impressive gems & jewellery exports in the coming
months. Crude prices have also added to the import bill of Petroleum
Products, thereby to the import basket of the country.
FIEO President is of the view that though the government has announced a
slew of measures to support exports, however, there is a need to
further push value-added exports, augment container manufacturing,
developing an Indian Shipping Line of global repute, increase the
validity of RoSCTL and RoDTEP scrips to 24 months and link
transferability with realisation, extend RoDTEP to EOUs, SEZ and Advance
Authorisation, expand usages of RoDTEP and RoSCTL scrips and logistics
support for the sector looking at the higher freight cost.