Marginal Exports Growth On Account Of High Base Effect: Mr Ganesh Kumar Gupta, President, FIEO
Responding to the November 2018 exports figures, President FIEO, Mr 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.
High growth was mainly witnessed in the Petroleum sector with Organic & Inorganic Chemicals, Plastic & Linoleum, RMG of all textiles, Drugs & Pharmaceuticals and Electronic goods also showing signs of revival. All major 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 Mr 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. However, on 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 times. The declining trend of crude oil prices and appreciating Rupee may further provide some respite on this front reiterated Mr Ganesh Kumar Gupta.
FIEO Chief 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. President FIEO 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.