Port Wings News Network:
Responding to the trade data for the month of September, 2018, President FIEO said that though the data shows a marginal negative growth in the month of September 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 growth. 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 USD 350 billion, said Mr Ganesh Kumar Gupta.
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 Mr Gupta.
The import growth in September 2018 is also lowest in the last five months at 10.45% bringing the trade deficit to the lowest level in past five months at USD 13.98 billion. The reduction in trade deficit would ease out concerns of current account deficit and may sombre the Rupee fluctuation to some extent said FIEO Chief.
Mr Ganesh Kumar 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.
President FIEO exuded confidence that despite increasing protectionism and high volatility in currencies, Indian exporters have manged well to get new orders and remain bullish on exports in short to medium term basis.